Atlanta Fed: “US Economy Growing at 4.5% Annualized Rate”
$DIA, $SPY, $QQQ, $RUTX, $VXX
Monday, the Atlanta Fed announced that the US economy is growing at a 4.5% annualized rate in Q-2 following the latest data on strong retail-sales data, the GDPNow forecast model showed.
The latest estimate on GDP growth is faster than the 3.9% pace estimated last Wednesday, the Atlanta Fed said.
The GDPNow model estimate for real GDP growth in Q-2 of Y 2018 is 4.5% on 16 July, up from 3.9% on 11 July.
The nowcast of Q-2 real consumer spending growth increased from 2.7 to 3.1% after Monday morning’s retail sales report from the US Census Bureau.
The nowcast of q-2 real federal government spending growth increased from 1.4 to 5.6% after the Monthly Treasury Statement release on Thursday, 12 July from the US Department of the Treasury’s Bureau of the Fiscal Service.
The next Atlanta GDPNow update is Wednesday, 18 July
Meanwhile, the government said Monday that US retail sales rose at a solid pace last month despite higher prices and modest wage gains, a sign of underlying consumer optimism.
The Commerce Department said Monday that sales at retailers and restaurants increased 0.5% in June, following a big 1.3% gainer the prior month. May’s figure was revised sharply higher from an initial estimate of 0.8%.
Americans are confident about the economic outlook, with the unemployment rate near an 18 year-low and the economy accelerating after a sluggish start to the year. Retail sales rose 6.6% from a year earlier, the fastest annual pace in 5 years.
With consumer spending strong, many economists believe that growth will rise to a 4 to 4.5% annual rate in Q-2, which would be the strongest in 4 years.
Monday, the major US stock market indexes finished at: DJIA +44.95 at 25064.36, NAS Comp -20.26 at 7805.73, S&P 500 -2.88 at 2798.17
Volume: Trade on the NYSE came in at 713-M/shares exchanged
- NAS Comp +13.1% YTD
- Russell 2000 +9.3% YTD
- S&P 500 +4.7% YTD
- DJIA +1.4% YTD
HeffX-LTN’s US Major Stock Market Indexes Technical Analysis
Have a terrific week