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Bob Carey
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  US Economy and Credit Markets Ended April 27, 2018
Posted Under: Weekly Market Commentary

Last week the yield on the benchmark U.S. 10-year Treasury note topped 3% for the first time in over four years and has moved half a percentage point higher in 2018. On Friday, the Commerce Department announced in its first estimate that real GDP grew at a 2.3% annual rate in the first quarter, which was higher than expected but slower than the 2.9% rate in the fourth quarter of 2017. Highlighting the report was that nonresidential fixed investment, or investments in productive assets that support future growth, remained robust. Specifically, nonresidential fixed investment grew at a 6.1% annual rate in the first quarter. Meanwhile, the Labor Department also announced on Friday that the employment cost index rose 2.7% for the last 12 months ending in March, which was the strongest gain since 2008, as a tight labor market pushed wages higher. Major economic reports (related consensus forecasts, prior data) for the upcoming week include: Monday: March Personal Income (0.4%, 0.4%), March Personal Spending (0.4%, 0.2%), April Chicago Purchasing Manager (58.0, 57.4); Tuesday: April ISM Manufacturing (58.5, 59.3), April Final Markit US Manufacturing PMI (56.5, 56.5), March Construction Spending MoM (0.5%, 0.1%); Wednesday: May 2 FOMC Rate Decision – Upper Bound (1.75%, 1.75%), April 27 MBA Mortgage Applications (N/A, -0.2%), April ADP Employment Change (195k, 241k); Thursday: April 28 Initial Jobless Claims (220k, 209k), March Final Durable Goods Orders (N/A, 2.6%), March Factory Orders (1.4%, 1.2%), March Trade Balance (-$50.0b, -$57.6b); Friday: April Change in Nonfarm Payrolls (190k, 103k), April Unemployment Rate (4.0%, 4.1%).
Posted on Monday, April 30, 2018 @ 8:52 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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