Better economic data, some quite impressive

<p>Kia ora,</p><p>Welcome to Friday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.</p><p>I'm David Chaston and this is the international edition from Interest.co.nz.</p><p>And today we lead with a lot of "good news" on the economic front in the major economies.</p><p>First, <a href="https://www.census.gov/manufacturing/m3/adv/pdf/durgd.pdf" target="_blank"><strong>new orders for US durable goods jumped</strong></a> +4.7% in June from May, the most since July 2020, following an upwardly revised +2% rise in May. They are +9*.3% higher than year-ago levels, and handily exceeding inflation. The June result easily beating market expectations of a +1% increase. It was the fourth straight month that durable goods orders rose. Strong orders for civilian aircraft and cars drove the result.</p><p>And the first look at the US Q2-2023 GDP result is a very positive one. <a href="https://www.bea.gov/news/2023/gross-domestic-product-second-quarter-2023-advance-estimate" target="_blank"><strong>Their economy expanded an annualised +2.4%</strong></a> in the second quarter of 2023, higher than +2% in the previous period and way above market expectations of +1.8%. It is a resilience few picked, although remember there are still two more revisions ahead. This good result is driven by strong investment; consumer demand came in weaker than the overall result.</p><p>The number of Americans <a href="https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/ui-claims/20231663.pdf" target="_blank"><strong>filing for unemployment benefits</strong></a> fell sharply from the prior week to 214,000 last week, the lowest in five months, and sharply below market expectations of 235,000. There are now 1.846 mln people on these benefits, the least since January, and suggesting that jobseekers are quickly able to find new jobs. The result further underscored the stubborn tightness in the American labour market, backing views the Federal Reserve may extend its tightening cycle in September.</p><p>US <a