First quarter revenue and earnings tallies released by the U.S. Census Bureau show strong top line growth.
Most importantly, there is more evidence that a manufacturing renaissance has begun, and appears to be gaining steam. In the first quarter, U.S. Manufacturing Revenue came in at $1.633 trillion or +6.3% from a year earlier.
While revenue increases were impressive after tax earnings, there was a spectacular surge up 20% to $146.5 billion from $122.5 billion a year ago. Profits for the quarter hit its highest level since fourth quarter 2014 (the highest record in the third quarter of 2014; $160.5 billion).
This is the reason why manufacturing jobs (according to ADP) have surged to 106,000 or 21,000 each month in 2017 versus a net of zero gains in 2016.
Profits in other industries were also encouraging, including the miraculous reversal in mining from a loss of $27.0 billion to a gain of $2.0 billion over the course of one year.
There is nothing as hard as bottom line data even if you want to discount such things as the U.S. dollar and stock buybacks – the bottom line drives the market.
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