What does US data really show?

OMGI's US manager Ian Heslop gives an overview of economic data and argues there is little need for the Fed to raise short-term interest rates.

US data Is growth in the US on track? GDP data for the first quarter was weak but did the headline numbers reflect what is really happening? March durable goods orders showed strong gains. Consumer spending continues to improve, reflecting better consumer confidence, although it is still on the low side relative to where we are in the business cycle.  Employment data, the most widely watched metric, has also been supportive of a healing economy. The April non-farm payrolls were especially strong, suggesting significant pent-up potential for new growth. March homes sales data rat...