Trumpism: New York Fed Raises Q-1 & Q-2 GDP Outlook to 3.19%

Trumpism: New York Fed Raises Q-1 & Q-2 GDP Outlook to 3.19%

Trumpism: New York Fed Raises Q-1 & Q-2 GDP Outlook to 3.19%

$DIA, $SPY, $QQQ, $VXX

The New York Fed Friday raised its estimates for US economic growth in the 1st and 2nd Quarter from a week ago following the latest data on inventories, trade and jobs

US GDP (gross domestic product) is on track to expand at an annualized pace of 3.19% in the 1st 3 months of Y 2017, faster than its prior forecast of 3.09% last week, the New York Fed’s Nowcast model showes.

Gary Cohn, the former #2 at Goldman Sachs Group Inc. and President Donald Trump’s top economic adviser, says Friday’s robust jobs report “reaffirms everything that we’re trying to do” with economic-growth policies.

US employers added a robust 235,000 jobs in February and raised pay at a healthy pace, evidence that the economy remains on solid footing nearly 8 years after the Great Recession ended.

In addition to beating consensus estimates of 190,000, the job creation came in some unusual places, with construction and manufacturing leading the way.

During his campaign, Trump promised to bring back those kinds of jobs. To do so, he pledged lower taxes, a rollback in regulations and $1 trillion in infrastructure spending.

“We’re very excited about what’s ahead of us,” Mr. Cohn said in a TV interview.

“We want to protect American jobs, we really do,” he said. “We want to bring jobs back to America, so anything we can do to incentivize manufacturers to come back to America, that’s important to us.”

Friday’s report was the 1st to cover a full month under President Donald Trump.

Friday, the US major stock market indexes finished at: DJIA +44.79 at 20902.98, NAS Comp +22.92 at 5861.73, S&P 500 +7.73 at 2372.58

Volume: Trade was heavy on the NYSE with 1.01-B/shares exchanged.

  • NAS Comp +8.9% YTD
  • S&P 500 +6.0% YTD
  • DJIA +5.8% YTD
  • Russell 2000 +0.6% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Bullish (0.36) Bullish (0.35) Neutral (0.23) Very Bullish (0.50
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Bullish (0.43) Bullish (0.46) Bullish (0.38) Bullish (0.46)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Bullish (0.48) Very Bullish (0.51) Very Bullish (0.50) Bullish (0.42)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Bearish (-0.49) Very Bearish (-0.50) Bearish (-0.46) Very Bearish (-0.50)

Have a terrific weekend.

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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