There is now a wide mix of evidence showing that, after a very weak start to the year, the economy is booming again. May is turning out to be a particularly strong month: Existing home sales hit a six-year high, motor vehicle sales hit a nine-year high, nearly 300,000 additional jobs were created and underlying retail sales increased by more than 1% m/m. Given the weight of this evidence, it is pretty clear that the first-quarter weakness was largely weather-related and that second-quarter GDP growth will be at least 3% annualised.
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