Friday, White House adviser Larry Kudlow said the “blowout” jobs report was just the cherry on top of a very strong economic start to this New Year.
Manufacturing, job growth and the stock market all boosted the economy in January, he said.
“I think we’re in very strong territory right now,” Mr. Kudlow said in a TV interview.
The veteran financial guru and former Ronald Reagan adviser cited solid job creation, a seeming rebound in manufacturing after a 6-month slump, strong housing numbers and a 1,000 pt Bull surge in the stock market.
US hiring topped expectations in January, as the economy added 225,000 jobs while unemployment ticked up slightly to 3.6%, near a 50 yr low. It marked the 112th month of straight gainers.
Over the past 3 years, take-home pay (after taxes) has gone up by $5,000, he said.
“It’s a blowout number,” said Mr. Kudlow, who served as the Trump campaign’s senior economic adviser. “We’ve had a whole spate of good news for the month of January,”
Despite the healthy economic indicators and the so-called “blue-collar boom,” Mr. Kudlow said he “wouldn’t mind” seeing officials at the Fed “be a little bolder” during their March policy-setting meeting.
He said stocks “moved down this morning because with such a strong report on jobs, the Fed is not likely to cut rates, and I think a lot of investors were hoping for a rate cut.“
Friday, the major US stock market indexes finished at: DJIA -277.26 at 29102.42, NAS Comp -51.64 at 9520.53, S&P 500 -18.07 at 3327.71
Volume: Trade on the NYSE came in at 860-M/shares exchanged
- NAS Comp +6.1% YTD
- S&P 500 +3.0% YTD
- DJIA +2.0% YTD
- Russell 2000 -0.7% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes for the week ended 7 February 2020 is Very Bullish.
Looking ahead: Investors will not receive any notable economic data Monday.
Have a terrific weekend