The Trump Effect: Americans Positive About US Economy
$DIA, $SPY, $QQQ, $VXX
US companies added the most workers in 7 months in October as hiring rebounded from a drop in September coming from Hurricanes Harvey and Irma, a report by a payrolls processor showed on Wednesday.
The ADP National Employment Report said private employers hired 235,000 workers last month, exceeding a median forecast of 200,000 among economists polled.
Domestic private payrolls in September were revised down to an increase of 110,000 from the previous 135,000.
The report is jointly developed with Moody’s Analytics.
The ADP figures come ahead of the US Labor Department’s NFPs, a more comprehensive report Friday, which includes both public and private-sector employment.
Economists polled are looking for US private payroll employment to have grown by 303,000 jobs in October, versus a drop of 40,000 the month before. Total NFPs (non-farm employment) is expected to have increased by 312,000.
The unemployment rate is forecast to stay steady at 4.2%.
Americans’ confidence in the US economy continued positive last week.
For the week ending 29 October Gallup’s U.S. Economic Confidence Index stood at +3, on par with the previous week’s reading of +4. The measure has remained in positive territory for 2 weeks running, after briefly dipping to -1 during the week of 9-15 October
Gallup’s US Economic Confidence Index is the average of 2 components:
- How Americans rate current economic conditions and
- Whether they feel the economy is improving or getting worse.
The index has a theoretical maximum of +100 if all Americans were to say the economy is doing well and improving, and a theoretical minimum of -100 if all were to say the economy is doing poorly and getting worse.
Overall, Americans have been more positive about the economy in Y 2017 compared with any other year since Gallup began tracking economic confidence in Y 2008.
Between Y 2008 and November 2016, the index’s weekly averages were routinely negative. Only after the 2016 Presidential Election did the measure swing to the other side of the ledger, where it has remained during Y 2017 so far, this condition is being called The Trump Effect.
Wednesday, the US major stock market indexes finished at: DJIA +57.77 at 23435.01, NAS Comp -11.14 at 6716.52, S&P 500 +4.10 at 2579.36
Volume: Trade on the NYSE came in at: 877-M/shares exchanged
- NAS Comp +24.8% YTD
- DJIA +18.6% YTD
- S&P 500 +15.2% YTD
- Russell 2000 +10.0% YTD
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