Logo ecsa group 300x
USA
Usa

USA: Economic growth acceleration, more constrained monetary policy creates more flexibility in the future

The growth of GDP accelerated by 0.6% Q/Q in the second quarter (1st quarter: +0.3%) and in 2017, it could reach 2.2% above the equilibrium threshold estimated at 2%. The economic cycle is sustained by an acceleration of private consumption in the 2nd quarter of 2,8% q/q (annualised). Firms’ investments clearly increased by 5.2% q/q. The world economic recovery determined the rise of exports, which attained their maximum rate since April 2015 (May ’17: 192 billion $) and contributed to a decrease of 2.3% m/m in the monthly trade deficit.
In June, 222,000 new jobs were created by the public and the private sectors, above the so-called level of economic expansion (150,000 new jobs per month). The present unemployment rate (4,4%) almost corresponds to the full employment situation aimed by the Federal Reserve
(Fed). The economic recovery translates into a moderate wages’ increase (June ’17: +2.5% y/y) that does not generate any inflation.
In June, the Fed increased the Fed-Funds interest rate to 1,5%. Account taken of the drop of the inflation pressure (June ’17: +1.6%) and of the recent contraction of private consumption, a possible increase of interest rates is only foreseen by the end of 2017. On the path of normalising its monetary policy, the Fed plans to reduce its bonds portfolio (4,250 billion $). This measure should sustain the dollar exchanges rate, that has strongly appreciated since 2014.

September 2017

ECSA Chemicals AG
Burgauerstrasse 17
CH-9230 Flawil (Switzerland)
T: +41 71 394 02 30
F: +41 71 394 02 31

Via Luigi Favre 16
CH-6828 Balerna (Switzerland) 
T: +41 91 695 88 00
F: +41 91 695 88 01

ECSA Maintenance AG
Burgauerstrasse 17 
CH-9230 Flawil (Switzerland)
T: +41 71 394 02 30 
F: +41 71 394 02 31

Via Luigi Favre 16 
CH-6828 Balerna (Switzerland) 
T: +41 91 695 88 00
F: +41 91 695 88 02

ECSA Energy SA
Via Luigi Favre 16 
CH-6828 Balerna (Switzerland)
T: +41 91 695 88 00
F: +41 91 695 88 05

ECSA ITALIA Srl Società
con Unico Socio
Via Lavoratori Autobianchi 1 
I-20832 Desio (MB)
(Stabile n. 15 - Polo Tecnologico della Brianza)
T: +39 0362 625 421
F: +39 0362 304 361
P.IVA IT00222470130

Porta Ticino Easy Stop SA
Via San Giorgio 37
CH-6877 Coldrerio
T: +41 91 640 35 50 
F: +41 91 640 35 51

This website uses cookies to enhance your experience. By continuing, you are agreeing to our Cookie Policy.