Late last week, the Commerce Department published its first estimate of Gross Domestic Product (GDP) for the second quarter of 2017. The headline rate of GDP growth came in at a 2.6% seasonally adjusted annual rate, up significantly from the 1.2% pace of the first quarter.
We use the GDP statistics as the basis for Truckable Economic Activity (TEA®). But, because several of the components of GDP that are associated with TEA®are only available as estimates in the first edition of the GDP report, we hold off on doing the full analysis of TEA®until all the data are available.
That said, we took a look at some of the TEA-related numbers that are not likely to be revised and we found that they painted a picture that conforms to what we were expecting in terms of the pace of TEA®growth in the second quarter. TEA ® was up 3.4% in the first quarter and looks to match, if not exceed, that number in the second quarter.
The Commerce Department is due to report the next edition of the GDP statistics on the 28th of August. We expect to have the TEA ® report for the second quarter out to you shortly thereafter.
--Bob Dieli, in-house economist
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Ready for your Roadshow!
We are back on the Road….
It is that time of year again – we are excited to begin our annual DataMac Truck Roadshow.
Why do we call it Roadshow? This was our internal name that simply stuck…..We are on the Road, visiting our DataMac clients and providing them with the latest Emmy-award winning show on the Aftermarket. All joking aside, we appreciate the opportunity to visit with our clients and present our 2017 DataMac Truck findings.
Our Agenda will include a look at the overall economy, the truck economy, the Medium and Heavy Duty Aftermarket and those factors impacting this market and Datamac.net, our online application.
We look forward to seeing you and we will be in touch shortly to schedule our visit.