As the smoke screen of bad weather clears from US economic data there are increasingly positive signs emerging from the US

As the smoke screen of bad weather clears from US economic data there are increasingly positive signs emerging from the US. The Commerce Department said the US economy contracted in the first quarter by the most since the depths of the last recession as consumer spending cooled. GDP fell at a 2.9% annualized rate, more than forecast and the worst reading since the same three months in 2009. The revision is that last reading covering the weather impacted start to the year and a range of indicators are painting a rosier picture for the US economy. Economists surveyed by Bloomberg are tipping expansion of 3.5% for second quarter and then 3.1%the remainder of the year. FedEx, the world's largest cargo airline, has said they have improved expectations for the outlook. However, their expectations remain around volume rather than pricing suggesting inflation pressures remains subdued. Read the article: (VIEW LINK)