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Bill Gross’s Pacific Investment Management Co., or Pimco, recently raised its outlook for the U.S. economy, stating that expansion is likely to be between 2.5% and 3% over the course of the year. At the end of last year, the fund estimated growth of between 2.25% and 2.75%.
According to Pimco, the adjusted assessment is a result of “trends toward growth and spending in the consumer, corporate and public sectors.”
“The global economy will likely experience steady, broad-based growth in 2014 thanks in no small part to the extraordinary expansion in central bank balance sheets in 2013,” said portfolio manager Saumil H. Parikh.
Pimco’s report went on to explain that “rising asset prices in combination with fading near-term fiscal uncertainties will drive global aggregate demand growth forward, adding stability to what has thus far been an on-again, off-again global recovery from the financial crisis of 2008.”
Pimco also reassessed its outlook for the euro zone, now claiming to expect real economic growth in the region to measure between 1% and 1.5%.
“We expect the reduction in fiscal drag in the euro zone periphery will reinforce gradually improving credit conditions to drive aggregate demand growth from well below potential to up toward potential in the year ahead,” Parikh said.
The report also revealed the fund’s expectations for China and Japan in 2014.
Economists estimate that retail sales increased at a faster pace last month, while the U.S. housing market saw some improvement as the economy recovers.
According to the median forecast of economists surveyed by Bloomberg, purchases at retailers rose 0.8%, the highest in four months. May also saw a 0.6% climb. Household wealth and the labor market are both on the rise, leaving Americans less hesitant in their spending. Cars and trucks were purchased at the fastest rate since 2007.
Millan Mulraine of the U.S. rates research at TD Securities USA LLC explained: “The transition from a soft patch to a more sustained rebound is slowly beginning to take shape. The underlying tone of retail sales is encouraging. The positive momentum in housing will continue. Manufacturing has stabilized.”
Jenny Lin of Ford added, “Economic indicators continue to improve.” The “consumer spending growth pace is slowly picking up.”
Economists believe that sales at U.S. retailers rose in May as the job market looks up and consumer confidence rises to boost automobile, home furnishing and clothing sales.
Experts predict a 0.4% rise, which would be the biggest in three months. April saw an increase of 0.1%, according to a forecast from a Bloomberg survey.
Gap Inc. and General Motors are two companies who have reported significant gains and hiring increases thanks to higher home and stock prices. Other brands who revealed May gains include L Brands Inc., Victoria’s Secret and Bath & Body Works.
Glenn Murphy, Gap chairman and CEO, said: “We are pleased with the positive customer response to summer product across our brands and the continued momentum in the business.”
Ted Wieseman, an economist at Morgan Stanley, explained: “Consumers are not feeling the need to pare back their spending to offset the impact of the tax increases, with confidence in the labor market rising and balance sheets improving.”
In April, payrolls rose by 149,000 workers, and last month saw another 175,000 enter the labor force.