U.S. Outlook: More signs of resilience

Posted By Scott Anderson In Economic Outlook | No Comments

The fall hurricanes continue to taint U.S. economic data for September, but there is growing confidence in our forecast for an economic rebound in the fourth quarter.

Graph showing drop in jobless claims. [1]For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on Oct. 13.

Key observations:

  • Initial jobless claims have already returned to pre-hurricane levels in October, implying a strong rebound in payroll growth.
  • The odds are rising that the economy will overshoot full employment in 2018.
  • Consumer spending should rebound above a 3.0% annualized growth rate in the fourth quarter.
  • For the first time in many forecasting cycles, the International Monetary Fund revised up its forecasts for global growth this week, to 3.6% for 2017 and 3.8% for 2018, instead of cutting them.

Click here to read my full report. [2]

 


Article printed from Bank of the West: https://blog.bankofthewest.com

URL to article: https://blog.bankofthewest.com/2017/10/13/u-s-outlook-signs-resilience/

URLs in this post:

[1] Image: https://blog.bankofthewest.com/wp-content/uploads/2017/10/graph_joblessclaims_101317.jpg

[2] Click here to read my full report.: https://blog.bankofthewest.com/wp-content/uploads/2017/10/BankoftheWest_USOutlook_10_13_17.pdf

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