With market participants awaiting the results of the upcoming nonfarm payroll figure on Friday for signs of sustained growth in the economy, the second reading of third quarter US GDP blew away estimates, printing at 3.20% versus the 2.90% reported a month ago. Personal consumption expenditures were listed off as one of the primary factors behind the blistering pace of growth while more spending on durable goods also contributed to the upturn. Additionally, exports surprisingly rose during the latest quarter, climbing 10.10% over the second quarter. Adding to the optimism was the latest consumer confidence figures from the Conference Board which rose to the highest point since July of 2007. In the meantime, stocks are continuing the last sessions climb, potentially gearing up for another Dow futures test of record highs.
US GDP Upgrade Adds To Fed’s Case
Daily Analysis - 30/11/2016