“No Great ‘Potholes’ Seen Stopping President Trump Economic Growth Policies”
JPMorgan Chase & Co. CEO Jamie Dimon expects robust economic growth “may very well continue” because he does not see any “great potholes” stopping it.
Mr. Dimon said in a TV interview Monday hat he cannot tell whether the China trade dispute will be a drag on the US economy.
“I worry about it. But I just don’t know,” Mr. bullishDimon said.
“In America, the economy is quite strong. It’s growing at 3%. And it has been now for a couple of quarters,” he said. “There are no great potholes. So that may very well continue,” he predicted.
“The household is in good shape; people going back to work. FICO [credit] scores are fine. Companies are flush. Tax reform is still a benefit. We don’t have the extreme leverage we had in . All the lending has been pretty good,” he said.
The US announced last month that economic growth was a bit stronger than initially thought in Q-2, marking its best performance in nearly 4 years and putting the economy on track to hit The Trump Administration’s goal of 3% annual growth, Reuters reported.
GDP increased at a 4.2% annualized rate, the US Commerce Department said in late August in its 2nd estimate of GDP growth for the April-June frame. That was up from the 4.1% pace of expansion reported in July and was the fastest rate since Q-3 of Y 2014.
The economy grew at a 2.2% pace in the January-March frame. The slight upward revision to growth last Quarter reflected more business spending on software than previously estimated and less imported Crude Oil.
Stronger software investment and a smaller import bill offset a downward revision to consumer spending.
President Donald Trump, whose administration has vowed to boost annual economic growth to 3% on a sustainable basis, cheered the revised Q-2 data. “Our country is doing great!” President Trump Tweeted.
The economy expanded 3.2% in 1-H of Y 2018, up from the 3.1% estimated last month. Compared to Q-2 of Y 2017, output increased 2.9% instead of the previously reported 2.8%.
Monday, the US major stock market indexes finished at: DJIA -181.45 at 26562.05, NAS Comp +6.29 at 7993.24, S&P 500 -10.30 at 2919.37
Volume: Trade came in at 855-M/shares exchanged
- NAS Comp +15.8% YTD
- Russell 2000 +11.1% YTD
- S&P 500 +9.2% YTD
- DJIA +7.5% YTD
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