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LAST UPDATE:6/3/2023
CQM 20230602 CQM 20230602

CQM and PCA forecast negative economic growth rate for 2023Q2. The main reason for the negative economic growth is huge decline in May exported goods on Census basis: -5.5%, and large increase in imported goods: 1.8%. Real final sales and domestic final sales are forecasted to grow at annual rate of -0.65% and 1.92% respectively in 2023Q2. They increased 3.4% and 3.3% in 2023Q1. So, the pace of economic growth is expected to slow down in 2023Q2 despite strong May employment. To make matters worse, inflation has started to rise.

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