Bankinter | The US Private Consumption Deflator (PCE) was in line with expectations in July: up 2.6% versus 2.6% previously. The core rate rose to 2.9% versus 2.9% estimated and 2.8% previously. Analysis team’s view: Figures in line with expectations. The PCE stabilised after rebounding in May and June. This inflation, together with weak labour market data in recent months, supports our view of a further rate cut of 25…

Link Securities | According to the second estimate of the data, published by the Department of Commerce, US gross domestic product (GDP) grew in Q2 2025 at an annualised quarterly rate of 3.3%, slightly higher than the 3.0% initially calculated and in line with FactSet consensus analysts’ expectations. In Q1 2025, the US economy contracted by 0.5% compared to the previous quarter in annualised terms. The upward revision of growth…

Bankinter | The rating agency notes that significant revenue from tariffs should offset other sources of fiscal pressure. Although it considers an improvement in the US deficit unlikely, it expects the country’s fiscal health to remain quite stable in the coming years, supported by relatively solid economic growth. The agency anticipates a gradual moderation in growth, with GDP growth projections of 1.7% for 2025 and 1.6% for 2026, due to…

Link Securities | According to data from the Department of Labor, the US economy added 73,000 non-farm jobs in July. The figure is well below the 115,000 jobs expected by the consensus of FactSet analysts. In addition, June’s job creation figure was sharply revised downward from an initial 147,000 jobs to just 14,000 jobs, and May’s figure was also revised downward by 125,000 jobs. Taken together, the May and June…