US economy beats forecasts, again. Trump voters not surprised.

The forecasts for the US economy under President Donald Trump have been wrong again.

For the first time since April, the U.S. economy is beating the forecasts.

A tool to determine how economic data matches up to expectations, Citigroup ‘s U.S. Economic Surprise Index has been climbing in the last few weeks, reaching its highest level since April, according to Wall Street Journal’s Morning MoneyBeat newsletter.

“A number of better-than-expected readings on the economy–from third-quarter gross-domestic product to manufacturing activity–helped pull the index out of negative territory in October for the first time since spring,” the blog reported Tuesday.

The index’s recovery is partly due to “analysts’ predictions becoming too dour in the middle of the year,” analysts at PNC Asset Management Groups said. Global growth recovery is also aiding the index, PNC said.

Investment strategist, James Paulsen, noted that more positive economic surprises have boosted the U.S. stock market since 2016. The rally in stock prices could remain due to the better-than-expected economic data, according to Paulsen.

There was also a surge in consumer confidence with numbers reaching their highest levels in 17 years.

Consumer confidence rose to 125.9 in October, according to the Conference Board, CNBC reported.

And all this in spite the devastating effects of deadly storms like Hurricanes Harvey and Irma that ravaged parts of the U.S.

Twitter users celebrated the not-so-surprising news.

Warning for NFL fans: Colin Kaepernick’s lawyer says national anthem protester QB about to be signed

Wake up right! Receive our free morning news blast HERE

When Sarah Sanders is hit with Robert E. Lee ‘gotcha’ question, she takes no prisoners with response

Powered by Topple

Frieda Powers

Comments

Latest Articles