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Economic Update 10/30/2017

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Friday, the Bureau of Economic Analysis issued its first estimate of Q3 GDP: 3.0%. Its report showed increases in personal spending and business stockpiling offsetting a dip in home building. The economy grew 3% or more for a second straight quarter for the first time since 2014. Growth has averaged 2.2% per quarter since the end of the recession in 2009.


Unexpectedly, new home buying increased by 18.9% in September; the Census Bureau said that the sales pace reached a ten-year peak. The surge put the year-over-year gain for new home purchases at 17.0%.


The University of Michigan’s consumer sentiment index finished October at 100.7, just 0.1 points beneath the forecast of economists polled by MarketWatch. That very high reading was below the initial October mark of 101.1, however.


Impressive earnings news sent the tech benchmark up 2.20% Friday to a close of 6,701.26; it gained 1.09% for the week. The S&P 500 added 0.23% last week, settling Friday at 2,581.07; the Dow Industrials rose 0.45% to 23,434.19 in the same span.

THIS WEEK: Monday, September’s personal spending numbers and PCE price index appear, along with earnings from CNA Financial, Edison International, Kemper, Loews, Mondelez, Nautilus, Rent-A-Center, and Sempra Energy. The Conference Board’s latest consumer confidence index surfaces Tuesday, plus earnings from Aetna, Anadarko Petroleum, Archer Daniels Midland, BP, Cummins, Electronic Arts, Kellogg, MasterCard, Pfizer, Regis Corp., Under Armour, and Voya Financial. On Wednesday, a Federal Reserve policy statement, the October ADP payrolls report, and a new ISM factory PMI arrive; earnings emerge from Allergan, Allstate, Brinker International, Clorox, Estee Lauder, Facebook, Garmin, GoPro, Hanesbrands, Honda, Kraft Heinz, La Quinta Holdings, Marathon Oil, MetLife, Molson Coors, Prudential Financial, Qualcomm, Shake Shack, Symantec, Tesla, Transocean, and Yelp. Thursday’s earnings parade includes Activision Blizzard, Alibaba, AMC Networks, Apple, AutoNation, CBS, Chesapeake Energy, Cigna, Exelon, Fluor, Genworth Financial, Hyatt, Live Nation, Motorola Solutions, Pandora Media, Parker-Hannifin, Ralph Lauren, Starbucks, Vulcan Materials, Wayfair, and Yum! Brands. The Department of Labor’s October jobs report rolls out Friday as well as the October ISM services PMI and earnings from Bloomin’ Brands, CBRE Group, Duke Energy, Revlon, and Shell Midstream Partners.

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About the Independent Financial Advisor

Robert Pagliarini, PhD, CFP®, EA has helped clients across the United States manage, grow, and preserve their wealth for the past 25 years. His goal is to provide comprehensive financial, investment, and tax advice in a way that was honest and ethical. In addition, he is a CFP® Board Ambassador, one of only 50 in the country, and a real fiduciary. In his spare time, he writes personal finance books, finance articles for Forbes and develops email and video financial courses to help educate others. With decades of experience as a financial advisor, the media often calls on him for his expertise. Contact Robert today to learn more about his financial planning services.

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