The economic data have started the week on a brighter note. Admittedly, the upward revision to Q1 GDP is largely old news and the detail is less positive. However, the May readings on consumer confidence and the Economy Watchers Survey (EWS) suggest that the recovery still has some decent momentum and that it may not be too long before the labour market data start to improve too. The EWS is the most encouraging, as it was taken during the period of greatest turmoil in the equity markets.
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