Trump Economy to Boom in 2020
A net 68 percent of respondents to Bank of America's Global Fund Manager Survey say 'recession is unlikely in 2020'.
We are living in the best economy in the world.
Big money managers are expecting the Trump economy to get even hotter in 2020, according to a new investor survey. A net 29 percent of fund managers questioned by Bank of America expect global growth to improve over the next year, and many are betting on gains in American technology and growth stocks, along with government bonds. The U.S. economy grew at a 2.1 percent annualized rate in the third quarter, according to a final estimate released Friday by the Commerce Department, and the two trade agreements reached this month are expected to provide a tailwind in 2020. The USMCA alone, which the Democratically-controlled House of Representatives passed on Thursday, encompasses more than $1.3 trillion of commerce between the U.S., Mexico and Canada. The agreement, which is expected to be ratified by the Senate before being signed by President Trump, could add as much as 1.2 percentage points to U.S. economic growth and create as many as 588,900 jobs, according to estimates from the International Trade Commission, with many of those jobs in Texas. On Dec. 13, the U.S. and China reached a phase one trade deal that deescalates the more than 21-month-long trade war between the world’s two biggest economic powers. As part of the deal, China agreed to buy $200 billion of new U.S. products in the next two years.
“Everywhere you look right now, it's Goldilocks, an economy that's in really good shape and no inflation to speak of and very, very low interest rates,” Greg Valliere, chief U.S. policy strategist at Ontario, Canada-based AGF Investments, which has nearly $39.5 billion.
- Fox Business News, December 21, 2019
CNN Poll: US economy receives its best ranking in nearly 20 years
As 2019 comes to a close, the US economy earns its highest ratings in almost two decades, potentially boosting President Donald Trump in matchups against the Democrats vying to face him in next year's election, according to a new CNN poll conducted by SSRS. Overall, 76% rate economic conditions in the US today as very or somewhat good, significantly more than those who said so at this time last year (67%). This is the highest share to say the economy is good since February 2001, when 80% said so. Almost all Republicans (97%) say economic conditions are good right now, as do 75% of independents and 62% of Democrats. Positive ratings are up across parties compared with August of this year, when 91% of Republicans, 62% of independents and 47% of Democrats said the economy was in good shape. Looking ahead, nearly 7 in 10 expect the economy to be in good shape a year from now (68%), the best outlook in CNN polling since December 2003. The new finding includes 63% who say things are good now and will continue to be good next year, while just 9% say they economy is currently good but will turn south in 2020.
- CNN, December 20, 2019
Dallas Unemployment Drops to 3% - Lowest in 50 Years
Texas Records 115th Straight Month of Job Gains
The Texas jobless rate remained at 3.4% in November for the sixth straight month, while Dallas’ jobless rate dropped to 3% . That’s the lowest since the state began its tracking in 1976. Texas employers created 37,500 new jobs in November, marking the 115th straight month of gains, and unemployment held steady at a historic low rate, according to data released Friday by the Texas Workforce Commission. “Texas employment growth strengthened in November,” said Christopher Slijk, assistant economist at the Federal Reserve Bank of Dallas. “Growth in the goods-producing sector surged, with construction employment accelerating and manufacturing rebounding sharply from October’s weakness. Service sector employment remained robust." Slijk said the growth suggests “a solid pace of economic expansion” going into 2020.
- Dallas Morning News, December 20, 2019
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