The U.S. economy expanded at the fastest pace since the final three months of 2011. The Commerce Department released figures showing that the U.S. gross domestic product (GDP) expanded at 4.1% in the third quarter of 2013, exceeding almost all analyst estimates. The median estimate of 72 economists surveyed by Bloomberg projected a 3.6% pace after 2.5% in the second quarter. Continue reading
Monthly Archives: December 2013
This week the market experienced a pullback from record highs as investors captured portions of their year-to-date gains in anticipation of the Federal Reserve meeting scheduled for next week. Data continues to support the conclusion that we will start to see a reduction in amount of bond purchases in the coming months. Some strategists think the economy is still too weak to start tapering, but as the economy continues to pick up we expect to see the Fed tightening sooner. It is possible that the first meeting of Janet Yellen as new chair of the Fed in March of 2014 could be the first real forecasting announcement of any sort. Hopes are for a well-structured, gradual phase out to ease the impact from reduction in asset purchases and provide a path towards exiting altogether. Continue reading
The U.S. Labor Department released November labor statistics this morning that were better than originally anticipated. Total nonfarm payrolls increased by 203,000 in November following a 200,000 increase in October. Job growth has averaged 195,000 per month over the past 12 months.
The Department of Labor released the following labor statistics this morning:
In November, employment in transportation and warehousing rose by 31,000, with gains in couriers and messengers (+9,000), truck transportation (+8,000), warehousing and storage (+5,000), and air transportation (+3,000). Continue reading