Behind the Markets Podcast · Friday, July 31, 2026
The second quarter GDP report showed a disappointing 1.5% growth, but Jeremy Siegel pointed out that consumption was extremely strong. He attributed the GDP miss primarily to a jump in imports, driven by robust consumer spending.
“We did get the GDP report, which is on the face for the second quarter, disappointing at 1 and a half percent.”
“However, consumption was extremely strong.”
“Um, most of it was imports, by the way, a jump in imports because consumption was was very, very strong. So the surprise is on imports.”