The Empire Manufacturing Number Beat Expectations

As White House Dismisses Recession Talk, Dan Celia Looks at Solid Fundamentals, Strong Economic Data Including Empire Manufacturing Number beat from TOday and Geopolitical Events as Indicators

PHILADELPHIA—Over the weekend, President Donald Trump dismissed reports of an impending recession, with many speculating on the imminent demise of the economy—and some even wishing for it.

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Nationally syndicated host and biblical investing authority Dan Celia has said for many months that the underlying fundamentals of the economy are solid and that growth continues to be strong.

An important factor in conversations surrounding the economy will be the annual economic policy symposium hosted by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming, later this week.

“Fed Chair Jerome Powell is speaking at the symposium Friday morning so, of course, everyone will be listening very intently for any indications and any expectations he might have in reference to the economy,” Celia said. “As examples, last week, we saw great economic news, such as preliminary second quarter productivity growing to 2.3%—an amazing number. Unit labor costs were up slightly at 2.4%, the Empire Manufacturing number beat expectations, the Philly Fed manufacturing number beat expectations, and the National Home Builder Association confidence number hit levels above 60 for the seventh straight month. That’s all very good news.”

Internationally, Celia added, movement in further trade talks also continue to make impact globally.

“It looks like President Trump will be extending the temporary agreement on Huawei to do business in the U.S., and it looks as though he might just go ahead and do that,” Celia continued. “Of course, China officials are taking this perhaps as a sign that the U.S. economy is being impacted more by trade than they originally thought. I don’t think we’re being impacted at all by trade, but there are many other geopolitical events that will continue to impact our economy moving forward. But White House officials this weekend seemed optimistic about the economy. And from an economic data standpoint, I’d have to agree.”

Celia discusses these and other global and economic headlines on his daily, three-hour Financial Issues program, heard on about more than 650 radio stations and several television networks nationwide.

Read more about Celia, FISM and “Financial Issues” or visit the FISM website, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues; download the FISM app here.