Atlanta Fed Raises US Q-3 GDP Growth View to 2.0%
$DIA, $SPY, $QQQ, $VXX
The US economy is on track to grow at a 2.0% annualized pace in the third quarter following the latest data on government expenditures, the Atlanta Federal Reserve’s GDP Now forecast model showed on Wednesday.
Its latest Q-3 GDP estimate was higher than the 1.9% increase calculated on 14 October, the Atlanta Fed said on its website.
The Atlanta Fed also revised its forecast on federal spending in the third quarter to a 0.3% increase from a prior estimate of a 0.1% decrease.
Last Friday, the Bureau of Fiscal Services said in its Treasury Monthly Statement that federal outlays in October totaled $347.58-B, compared with $274.39-B in September and $334.43-B a year earlier.
The Atlanta Fed had steadily reduced its forecast for Q-3 US growth as a result of weaker-than-projected data on business and consumer sectors.
Back in August, its initial projection on Q-3 GDP growth was 3.6%. Shortly afterward, it peaked at 3.8% and hit a low of 1.9% last Friday.
Wednesday, the US Major stock market indexes finished at: DJIA +40.68 at 18202.62, NAS Comp +2.58 at 5246.42, S&P 500 +4.69 at 2144.29
Volume: Trade was moderate with 778.3-M/shares exchanged in the NYSE
- Russell 2000 +7.7% YTD
- S&P 500 +4.9% YTD
- NAS Comp +4.8% YTD
- DJIA +4.5% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Neutral (0.06)||Neutral (0.06)||Neutral (0.08)||Neutral (0.04)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Neutral (-0.11)||Bearish (-0.29)||Neutral (-0.17)||Neutral (0.12)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Bullish (0.30)||Neutral (0.11)||Bullish (0.38)||Bullish (0.42)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.36)||Bearish (-0.32)||Bearish (-0.40)||Bearish (-0.38)|
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