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Economics

Positive Second-Quarter US Growth Chances Improve on Trade Data

  • Morgan Stanley, Goldman, JPMorgan boosted GDP estimates
  • Durable goods, inventories numbers were better than forecast
The Port of Oakland in Oakland, California.

The Port of Oakland in Oakland, California.

Photographer: David Paul Morris/Bloomberg

Fresh economic data Wednesday reduced the odds that the US will report two straight quarters of a contracting economy and avert what is commonly regarded as a recession in much of the world.

Several economists, including those at Morgan Stanley, JPMorgan Chase & Co. and Goldman Sachs Group Inc., boosted their estimates for second-quarter gross domestic product after a pair of government reports showed firmer durable-goods shipments, a narrower trade deficit and gains in inventories last month.