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You bears are gonna need another reason to get grizzly.In a research note today, Deutsche Bank analysts write fears of slowing activity in Europe and China leaking into the U.S. are “overblown.”
“The US economic outlook is likely to be driven by domestic demand in the coming quarters. Exports have made an outsized contribution to growth thus far in the cycle, but this is unusual. Typically, they only account for approximately 13% of real GDP (goods exports are about 9.5%), while personal consumption is responsible for roughly 70% of economic output. In fact, over the past three quarters, the contribution to real GDP growth from consumption has steadily increased from 0.5 percentage points in Q2 2011 to approximately 1.5 percentage points in Q4 2011. Business fixed investment has also continued to make steady positive contributions to growth.”
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