The S&P 500 is near its record high following a four-month rally. What can we expect for the remainder of the year? The following are three statistics to inform your opinion.
- According to the National Federation of Independent Business, small business owners were slightly less optimistic compared to a year ago. However, 2018 was the all-time peak and the current number is still quite strong from a historical perspective. Considering this group creates 75% of all new jobs, it is encouraging.
- The 60 economists surveyed by The Wall Street Journal raised their forecast for 1st quarter growth from 1.3% to 1.5%. Similar surveys have noted the same trend. The Atlanta Fed’s GDPNow forecast which grows more accurate following a quarter-end is forecasting a 2.3% growth rate for the same period. It raises the possibility an upside economic surprise is possible.
- The latest job openings rate remains near a record high. The latest figures on jobs open versus the number of unemployed remains at all-time highs also. An economy creating jobs is good for wage growth. Since a large portion of our economy is tied to consumer spending, this a very good sign.
These and other metrics seem to suggest the economy remains strong.