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.
Actually, to us Trump voters, this is no surprise at all.
— Larry Schweikart (@LarrySchweikart) November 1, 2017
“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.
— Donald J. Trump (@realDonaldTrump) October 31, 2017
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.
Surprise! The Economy Is Beating Forecasts https://t.co/X7vJiDMsX7
— Katica (@GOPPollAnalyst) October 31, 2017
— GaysForTrumpFL (@GaysForTrumpFL) October 31, 2017
— JB in OKC (@JOSEinOKC) October 31, 2017
Our economy is boomin! Economists said it couldn’t be done.:”If Obama couldn’t do it how could Trump?” Welcome to Making America Great Again
— Lars Larson (@LarsLarsonShow) October 27, 2017
I ain’t tired of winning!
— Elizabeth Wright (@Elizabe73052537) November 1, 2017
Why is everyone so surprised that when you roll back regulations and promise tax cuts, the economy roars? It makes sense to try now.
— TransferenceMaster (@MeierEyeYam) November 1, 2017
Cost of Obama “stimulus” = $831 billion
Cost of Trump stimulus…
We haven’t even had the tax cuts yet. ?
— John Stephen Walsh (@jswriter65) November 1, 2017
— Col. Ben Bannister (@ColBannister) November 1, 2017
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