The economists participating in the monthly WSJ forecasting survey include a broad spectrum of academics, major fund managers, and Wall Street analysts of national stature. The survey's accuracy over many years has been quite good. The specific individuals comprising the sample set varies a bit, as does the size of the sample set. There are usualy 50+ respondants selected from among recognized leaders in the field of economic analysis.
From
QUICKEN:
Quote:In economic news, the Labor Department announced early Friday that producer prices rose by 0.3% in September, after rising by 0.4% in August. Excluding usually volatile food and energy costs, core prices saw their pace of growth unchanged from August's 0.1% rise. Economists surveyed by Dow Jones Newswires and CNBC had forecast both overall prices and core prices would show a rise of 0.1%.
The numbers validated the Federal Reserve's view that the faster economic growth expected over the next year and a half isn't likely to fan inflation.
Separately, the Commerce Department reported the U.S. trade deficit narrowed for a fifth straight month in August, falling to $39.21 billion, from a revised $40.03 billion in July. Economists had expected a rise to $41.5 billion.
Meanwhile, an economic-forecasting survey of 53 top Wall Street economists showed expectations of third-quarter GDP growth of 5%, up from the 4.7% rate they predicted in a September survey and from 3.6% in August.
On Thursday, good news about retail sales and the job market helped boost the Dow industrials to close at a 15 1/2-month high despite a sudden late-day retreat. The index ended up 49.11 points at 9680.01, down from a midday high well above 9700. The Nasdaq Composite Index also saw a swing, finishing at a 19- month high of 1911.90.
It ain't all better yet, not by a longshot, but it quit getting worse a while back, and shows continuing sign of real and sustainable growth.
