Good Growth

17Q4 is shaping up to be surprisingly strong, with US GDP growth possibly as high as 3% for the third straight quarter. Employment growth is solid, auto sales are down but still strong, construction spending is good, surveys of manufacturers are profoundly positive, and inflation remains pleasantly subdued. Globally, Europe continues to surprise to the upside, and Japan is doing better than at any time in at least 3.5 years!