Action Economics Survey results:
Action Economics Survey results: the doom and gloom that spread over the markets, as well as the FOMC, late last year is fading fast. The concerns over weakness in Q1 growth and a recession on the horizon, have been replaced by evidence of decent growth and a solid rally on Wall Street. Indeed, the Survey Median estimate for the Advance Q1 GDP shows a 1.9% rate of growth, only fractionally slower than Q4's 2.2% clip, with forecasts ranging from 1.2% to 2.6%. And along with strength seen in today's March retail sales, it looks like the consumer is out of hibernation. The income and consumption reports at the end of the month should show respective March gains of 0.4% and 0.7%. The labor market remains tight, with nonfarm payrolls projected to rise 185k in April, following the 196k jump in March, leaving the weak 33k February gain a distant memory.