Economy

BOOM! Economy Adds 228,000 Jobs

The U.S. economy added 228,000 jobs in November, exceeding economist expectations of 200,000 jobs. Unemployment held steady at 4.1 percent. Despite the strong job growth, inflations data was tepid. Earnings rose just 0.2 percent, less than the 0.3 percent expected. On an annualized basis, wage were up 2.5 percent compared with economist expectations of 2.7 percent. Manufacturing added 31,000 jobs, while health care added 30,000. The biggest gainer was “professional and business services,” which added 46,000 jobs.

Great economic news!!  To read more, click on the text above.  Excellent!!  🙂

Dow jumps 142 points to record as Street cheers Senate passing tax bill

U.S. stocks traded higher on Monday as investor sentiment was boosted by the Senate narrowly passing a major tax bill over the weekend. Shares of companies that stand to benefit the most from lower tax rates, like banks, led the gains. The Dow Jones industrial average rose 142 points, with Boeing and Walt Disney leading advancers on the 30-stock index. The Dow also hit a record high and briefly traded more than 300 points higher. The S&P 500 gained 0.3 percent, with financials and telecommunications as the best-performing sectors, rallying 2.1 percent and 1.8 percent, respectively. The index also reached an all-time high. The Nasdaq composite lagged, trading 0.6 percent lower as Facebook, Alphabet and Netflix all traded lower. “You’re seeing tech lagging and financials leading. This is some rotation on the back of the Senate vote,” said Lindsey Bell, investment strategist at CFRA. In the early hours of Saturday morning, Senate Republicans managed to narrowly pass a bill to revamp the country’s tax system. The final vote came out as 51-49 in favor, after Republicans had to rework the bill late on Thursday. “Everyone who owns stock is happy with the tax bill vote,” said Trip Miller, managing partner at Gullane Capital Partners. “Net-net, this is good news for Corporate America.”

Consumer Confidence Breaks Another Record, Hits 17-Year High

Consumer confidence in the U.S. is soaring yet again, reaching a 17-year high this month, according to the latest Consumer Confidence Index survey. The Conference Board’s latest survey of consumer confidence notes that consumer confidence rose to 129.5, its highest point since the index climbed to 132.6 in November 2000. Last month’s consumer confidence index already broke records, when the index for October increased to 125.9—the highest it had been since December 2000. The latest numbers have defied economists’ expectations, with many predicting that the index would go down to 124. “Consumer confidence increased for a fifth consecutive month and remains at a 17-year high,” Lynn Franco, director of Economic Indicators at The Conference Board, told CNBC. Franco predicts that the reason for the increase may have to do with consumers’ optimism about the economy’s expansion around the holiday season. “Consumers are entering the holiday season in very high spirits and foresee the economy expanding at a healthy pace into the early months of 2018,” Franco said. The index measures American consumers’ attitudes about the economy and their predictions of how it will fare during the next six months. Economists keep a watchful eye on this survey because consumer spending makes up 70 percent of economic activity in the U.S.

More great news on the economic front!  Outstanding!!   🙂

U.S. Third-Quarter Growth Revised to Three-Year High of 3.3%

The U.S. economy’s growth rate last quarter was revised upward to the fastest in three years on stronger investment from businesses and government agencies than previously estimated, Commerce Department data showed Wednesday. The latest results for GDP, the value of all goods and services produced, show the economy withstood major hurricanes to reach a more solid footing as it entered the final stretch of the year, thanks to stronger business spending that’s helping cushion a softer pace of consumption. Federal Reserve Chair Janet Yellen said Wednesday, just before the GDP report, that the expansion is “increasingly broad based across sectors as well as across much of the global economy.” While the revised growth rate is in line with President Donald Trump’s goal, economists generally see such a pace as unsustainable and expect growth to slow sometime in 2018. Trump and congressional Republicans are pushing a tax-cut plan with the aim of lifting GDP gains to 3 percent annually, though analysts expect any economic boost to be modest, on balance, if the proposal becomes law. Consumer spending, which accounts for about 70 percent of the economy, continues to be the main driver of growth, though revisions showed it was slightly weaker than previously estimated on purchases of both durable and nondurable goods. The biggest improvement came in business investment, which made a 1.2 percentage-point contribution to growth, up from 0.98 point in the initial estimate a month ago. In addition to greater spending on transportation equipment, the data also reflected more software spending. Nonresidential structures were revised to a bigger decline. While the first look at third-quarter gross domestic income showed a pickup, the prior quarter was revised downward by 0.6 percentage point, reflecting a smaller gain in wages and salaries. The average of GDP and GDI was a 2.9 percent gain. Corporate profits grew, albeit at a slower year-over-year pace than in the prior period. Price data in the GDP report showed inflation remains behind the Fed’s 2 percent goal. Excluding food and energy, the central bank’s preferred price index tied to personal spending rose at a 1.4 percent annualized rate last quarter, revised from 1.3 percent and following a second-quarter gain of 0.9 percent.

Definitely some mixed numbers.   But, overall, some really good news here!    🙂

U.S. stocks close at record on anniversary of Trump’s election

On the one-year anniversary of President Donald Trump’s election, U.S. stocks eked out gains at the last minute to push all three benchmarks into record territory. Stocks, however, were mostly range-bound on Wednesday with investors awaiting progress on the passage of tax reform while Trump toured Asia in one of his most important diplomatic undertakings to date. The S&P 500 SPX, +0.14% rose 3 points, or 0.1%, to 2,594 while the Dow Jones Industrial Average DJIA, +0.03% gained 6 points to 23,563. The Nasdaq Composite Index COMP, +0.32% added 21 points, or 0.3%, to 6,789.

Excellent!!   🙂

Hiring Rebounded in October, Unemployment Rate Fell to 4.1%

The U.S. jobless rate fell to a 17-year low in October and employers hired at a strong pace, showing the labor market bounced back from recent hurricanes. Nonfarm payrolls rose a seasonally adjusted 261,000 in October, the Labor Department said Friday. September’s payroll data, initially reported as the first drop in seven years, were revised to show employers actually created 18,000 new jobs that month, extending the economy’s streak of job gains to a record 85 straight months. The pace of job creation in the U.S. remains solid despite the hit to the economy from Hurricane Harvey, which battered Texas in late August, and Irma, which hit Florida in early September. Job gains have averaged 162,000 over the past three months, a modest slowdown from a 185,000 average over the past two years. The unemployment rate fell to 4.1% in October, its lowest level since December 2000. The unemployment rate, which changed little over the course of 2016, has barreled down from 4.8% at the start of this year…

More great economic news in this Trump economy!  Excellent!!

American Dream is back: 82% have ‘achieved’ or are ‘on way to achieving’

America’s long national nightmare over failing to achieve the American Dream is over. Three years after six in 10 Americans said their dream of a great life was unachievable, now 82 percent believe their either achieved the dream or are on their way. “Despite persistently low levels of public satisfaction with the state of the nation, most Americans say they have achieved the ‘American dream or are on their way to achieving it. Only about one-in-five (17 percent) say the American dream is ‘out of reach’ for their family,” according to a new Pew Research Center survey. The results join several others pointing to a recovered economy and wealth of jobs in America. The switch cited by Pew would appear to put an end to years of depressing polls and surveys showing that the vague American Dream was dimming. In 2014, for example, CNN’s American Dream project said that 60 percent believed it was unattainable and even more said that their children would not live a better life than them. And just last year, the Ripon Society said that a remarkable 70 percent of middle class voters do not believe that the next generation will do as good as they have, moving the American Dream out of reach for millions. No more. Pew found that 36 percent believe they’ve achieved the American Dream and 46 percent believe that they are “on their way to achieving” it. And it crosses racial lines, said Pew. “Whites (41 percent) are more likely than blacks (17 percent) or Hispanics (32 percent) to say they have achieved the American dream. But more blacks (62 percent) and Hispanics (51 percent) than whites (42 percent) say they are on their way to achieving it. Notably, there are no significant racial or ethnic differences in the shares who say the American dream is out of reach for their families.

More great news in this Trump economy!!