JPMorgan bumps up economic growth expectations
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Real Estate weakest S&P sector; Tech sole gainer
Dollar up; crude gains >2%; gold edges up; bitcoin off >2%
U.S. 10-Year Treasury yield jumps to ~4.18%
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JPMORGAN BUMPS UP ECONOMIC GROWTH EXPECTATIONS
Describing last week's economic data as "for the most part robost," JPMorgan's Michael Feroli pushed out a research note late on Friday with an increase to his expectations for U.S. economic growth.
Feroli, the company's Chief U.S. economist, increased his third quarter forecast to Gross Domestic Product (GDP) to 3.2% from 2.75% while raising his expectation for the fourth quarter to 1.75% from 1.25%.
The economist upgraded his expectations even as he said he anticipates a moderation in job growth and a gradual increase in the unemployment rate.
This was against the back drop of last week's release of September's retail sales report which he saw was the most important new information of the week as it "suggested that consumer spending kept growing at a brisk clip through the end of the third quarter."
He pointed however to more challenging industrial sector data as the Boeing labor strike and September hurricanes put pressure on output and said that early October manufacturing surveys "point to more muddling along."
(Sinéad Carew)
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