The Citi Economic Surprise Index for the US, which measures positive and negative surprises in macroeconomic data relative to the market, is falling.
Macro surprises have thus been negative on average, suggesting lower-than-expected growth. This gives the Federal Reserve room to cut rates soon, something it is has little choice in given recent market developments. Overall, however, the outlook for US GDP growth remains reasonable, with the consumer side of the economy in particular holding up pretty well.
