Yesterday it was Costco, and today it’s the numbers from Visa that speak to a different mindset for consumer who are 2/3 of the economy. Today’s economic proxy, Visa (V), posted results after the bell last night. In addition to posting results that beat Wall Street consensus, management was quite ebullient about business in America and around the world:
“As we look ahead, we continue to see good momentum in the business driven by domestic and cross-border volumes, increasing consumer participation in electronic payments in developing markets, and the further acceleration of e-commerce in developed markets.” Alfred F. Kelly Jr Chief Executive
His enthusiasm was warranted as debit volume surged everywhere, but the 11.2% increase in the United States was the most impressive and the best year over year change since the fourth quarter of 2010. Overall, US credit climbed to $937 billion driven by a sharp increase in credit card volume.
“There is a great spirit”
President Trump mentioning today’s jobs report.
You don’t have to be a technician to see from the chart of jobs that something appears to be stirring as jobs continue to improve after crashing in the October report. The report was a homerun in every measure save wages, which barely moved despite anecdotal signs suggesting a major increase.
I’m particularly thrilled with those dirty fingernail jobs:
The economy doesn’t turn on a dime…or does it? The pent-up potential of this nation is being unleashed and early signs underscore potential. Yes, the White House must deliver, but there is a chance this economy gets to the point where a virtuous cycle of excitement can do a lot of heavy lifting.
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