Afternoon Note
There are more signs the economy is picking up from the labor productivity report, which surged after a three consecutive month slide. The 3.1 headline reading was less than the 3.3% consensus, but wages continue to come on strong.
US Productivity |
3Q |
2Q |
1Q |
Business Productivity |
3.1 |
-0.2 |
-0.6 |
Output |
3.6 |
1.6 |
0.7 |
Hours Worked |
0.5 |
1.7 |
1.4 |
Hourly Wages |
3.8 |
6.1 |
-0.9 |
Unit Labor Cost |
0.7 |
6.2 |
-0.3 |
Animal Spirits
More signs of anticipation the economy is going to soar gives the economy a great chance of actually soaring.
The IBD/TIPP economic Optimism Index surged to a ten-year high reading of 54.8 in December, up from 41.4 in November. It’s interesting that the high reading for this report came back in March 2002, just six-months after the 9-11 attacks, as the nation rallied together in a manner not seen in a generation. American optimism about the nation six months from now increased at an even faster pace.
There is a chance of becoming overconfident, but I think that’s the lesser of circumstances considering the woe-is-me dark cloud that has haunted the nation for years.
I
Comments |
Yes, optimism is at an all time high as we have been told not only that we didn't build it or make it but all of us builder makers business owners are racists among other labels of the day. Finally, someone enters the picture that laughs at the top of his voice and speaks the unspeakable... yep, that emperor is buck naked and not only that his ideas are naked too regarding business, immigration and anything else he has waxed on about. After taking a refreshing shower election night and removing all the mud and crud slung at us, it seems we have been gifted some a Teflon coating the crud is not sticking like before. Thank God! Ray Weldon on 12/6/2016 1:59:35 PM |
If you look at the October-November numbers, the optimism index was almost alone in predicting a Trump victory. It's like a rubber band snapping back after 8 depressing years under Obama and an earlier 7 years of war under Bush. Now all we have to do is cure some of the underlying drags on the economy -- like the $54 trillion in lost GDP caused by the 60 million abortions we've had since 1967. They represent a huge loss in consumer demand plus an incalculable impact on innovative drive. Dennis Howard mbaforlife@gmail.com on 12/6/2016 3:12:46 PM |
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