President Trump is Breaking Economic Records, This is a Prosperity Era.
$DIA, $SPY, $QQQ, $RTUX, $VXX
Friday, President Donald Trump’s chief economic adviser says blockbuster unemployment data is only a sign of the robust economic growth awaiting America.
“I believe we’ve entered into the longest largest prosperity in a couple of decades. I know it’s early in the game,” Larry Kudlow, director of the White House’s National Economic Council said in a TV interview.
US job growth accelerated in May and the unemployment rate dropped to an 18-year low of 3.8%, pointing to rapidly tightening labor market conditions, which could stir concerns about inflation, Reuters explained.
The closely watched employment report released by the Labor Department Friday also showed wages rising solidly, cementing expectations that the Fed will raise interest rates this month.
NFPs increased by 223,000 jobs last month as warm weather boosted hiring at construction sites. There were also big gainers in retail and leisure and hospitality payrolls.
The economy created 15,000 more jobs than previously reported in March and April.
“This is a prosperity era. It’s a strong economy. What you’ve got here is continued job growth, low unemployment, and participation rates pretty good,” said Mr. Kudlow.
The strong employment report added to a string of recent upbeat economic data, including consumer spending and industrial production, that have suggested economic growth was regaining speed early in the second quarter after slowing at the beginning of the year.
The strength comes even as the stimulus from a $1.5-T income tax cut package and increased government spending is yet to filter through the economy.
The veteran financial guru and former Ronald Reagan adviser explained that business investment “is coming alive.”
Friday, the major US stock market indexes came in at: DJIA +219.37 at 24636.21, NAS Comp +112.22 at 7554.33, S&P 500 +29.35 at 2734.62
Volume: Trade on the NYSE came in at 852-M/shares exchanged
- NAS Comp +9.4% YTD
- Russell 2000 +7.4% YTD
- S&P 500 +2.3% YTD
- DJIA -0.3% YTD
HeffX-LTN’s US Major Stock Market Indexes Technical Analysis for the Week Ended 1 June 2018
Have a terrific weekend.