Friday, July 26, 2019

Random thoughts and chart updates

For weeks I've been struggling to come up with a post that puts recent events and trends into a coherent perspective. It's been difficult, however, since for every positive there seems to be a negative. Optimism here, pessimism there. Good fundamentals (e.g., great liquidity, very low credit and swap spreads, very low weekly claims, strong confidence numbers, lots of job openings) alongside obvious signs of economic weakness (e.g., trade wars negatively impacting global trade, very low real interest rates, slowing jobs growth, an inverted yield curve, a big slowdown in earnings growth, weak manufacturing surveys, and most recently, slowing GDP and corporate profits growth). The stock market seems optimistic about the future (it just keeps going up), but the bond market is priced to slow growth for as far as the eye can see. Neither market is priced to unreasonable assumptions.

At best, I can say that the outlook for economic growth is Ok—not great, but not terrible either. Maybe more of the same: 2-3% real growth. Lower tax rates have not yet created boom-time conditions. Business investment has been disappointing. Overlooked, however, is the significant reduction in regulatory burdens that the Trump administration has been able to achieve. It's hard to quantify this, but we haven't seen anything so positive in this area since just about forever. If Trump's tariff wars can be resolved (by drastically reducing are eliminating tariffs), the economy has lots of upside potential.

What follows is a random collection of 14 charts and comments:

Chart #1

Q2/19 growth (see Chart #1) came in above expectations, and the level of real GDP in Q1/19 was revised upwards a bit as part of the yearly revision to prior years. But the distribution of growth over the past 4-5 years changed, with the result that the economy was a bit stronger a few years ago than we thought, and in recent quarters it has been a bit weaker. The media was quick to note that downward revisions to 2018 growth rates robbed Trump of his claim to have delivered 3% real growth (it is now estimated to have been 2.5% instead of the previously reported 3%). Still, the economy has definitely picked up from its 2016 slump, when year over year growth fell to 1.3% in Q2/16. The current expansion is now just over 10 years old, and it has registered an annualized growth rate of 2.3%. 

Chart #2 

Chart #2 is my now-famous "GDP gap" chart, updated for the latest GDP statistics. The current economic expansion remains by far the weakest in history, with annual growth averaging only 2.3% instead of the 3.1% that prevailed from the mid-60s to the mid-00s. For the first time ever, the economy failed to reattain its long-term growth trend following the last recession. The "shortfall" in growth now amounts to $3.4 trillion by my calculations. Maybe we'll never reattain that long-term trend—who knows? But if nothing else, the chart demonstrates just how much lost income can accrue from a modest reduction in long-term trend growth rates. If this had been a typical recovery, the economy today would have been at least $3-4 trillion bigger. That translates roughly to just over $10,000 per person of "lost" annual income.

Chart #3

As Chart #3 shows, real yields on 5-yr TIPS are trading just under 30 bps. As the chart suggests, that implies that the market's estimate of the economy's current trend rate of growth is about 2.4% per year, which is somewhat less than what we have seen in recent years. The bond market, in other words, is priced to a continuation of the kind of growth we have seen over the past 10 years. Expectations of a Trump boom have all but evaporated. That may be too pessimistic, in my view, but it's not all that terrible either: just more of the same so-so growth. On the bright side, there's virtually no sign of what might be considered "overheating." No growth boom might well mean less chance of a growth bust.

Chart #4

Chart #4 compares the year over year growth rate of the economy to the year over year growth rate of private sector jobs. Not surprisingly, the two tend to track each other. More jobs translate into a bigger economy. But note the gap between the two lines, which is roughly equivalent to labor productivity. When the economy grows faster than the growth of jobs, it can only mean that workers are becoming more productive. We've seen a mini-boom in productivity under Trump's leadership, but it has faded in the past 6-9 months, and it is nowhere near as strong as we have seen at times in the past. It's disturbing
that this is occurring just as the growth of private sector jobs has slowed meaningfully (see my last post for the numbers). Undoubtedly it is these sorts of numbers which have put the bond market in a pessimistic mood.

Chart #5

Today's GDP figures included revisions to past data going back 4-5 years. One of the most significant changes was to corporate profits, which were reduced in the past 1-2 years by almost one percentage point of GDP (with most of that being added to incomes). Yet despite that significant reduction, corporate profits remain historically strong, well above their long-term average relative to GDP.

Chart #6

Chart #6 compares the two major measures of corporate profits: one, according to the National Income and Product Accounts (blue line), and the other according to reported earnings per share. The former includes all businesses, while the later includes only those that are publically held. The recent downward revisions to NIPA profits have substantially reduced the gap between the two measures. (Note that the y-axis for both measures uses the same ratio between high and low values—thus the growth rates of both measures have been substantially similar since 1960.) Note also that the growth of both measures has subsided quite a bit over the past year or so. Reported EPS are up by a mere 1.3% annualized rate over the past six months, and NIPA profits have registered no net growth over the previous year.

Chart #7

Does the big slowdown in profits growth mean the stock market is overvalued? Not necessarily, as suggested by Chart #7. The current PE ratio of the S&P 500 is just under 20, which is only 18% above its long-term average. We've seen big PE "bubbles" in the past, but the current uptick in PE ratios is more in the nature of a blip than a bubble. And it's quite consistent with the prevailing level of Treasury yields, as we will see in Chart #9.

Chart #8

Since NIPA profits and the EPS measure of profits are tracking each other pretty closely these days, it's fair to use NIPA profits as a proxy for EPS, which is what Chart #8 does. NIPA profits have the advantage of being seasonally-adjusted, quarterly annualized figures, whereas EPS typically are reported using the last 12 months of earnings. NIPA profits are thus more timely, and they may be more accurate since they reflect true economic profits, thanks to adjustments for inventory valuation and capital consumption allowances. This exercise produces results which are not greatly different (although less volatile) from those of Chart #7. Both measures of PE ratios currently tell the same story: equity multiples are above their long-term average, but they are not excessive.

Chart #9

The line in Chart #9 is the result of taking the earnings yield on the S&P 500 (which is equivalent to the dividend yield on stocks if all companies paid out all their earnings each quarter) and subtracting the yield on 10-yr Treasury bonds. Investors currently are willing to give up about 300 bps of earnings yield in order to hold 10-yr Treasuries (conversely, it means that investors demand an extra 300 bps of yield in order to hold equities instead of 10-yr Treasuries). From a price-multiple perspective, the PE ratio on 10-yr Treasuries is 48, which is almost 2 ½ times higher than the PE ratio on the S&P 500. That tells me the market is pretty pessimistic. Numbers like these only make sense if you assume the market expects corporate profits to decline meaningfully in the future, and for there to be little if any improvement in the economy's health in coming years.

Chart #10

Long-time readers of this blog know that I interpret monetary policy from a strictly monetarist perspective. When the supply of money exceeds the demand for money, money loses value and inflation goes up. Conversely, deflation occurs when the supply of money is less than the demand for money. Big swings in inflation invariably prove harmful for growth. The best monetary policy, in my book, is the one that maintains a low and stable rate of inflation. That alone is all the "stimulus" an economy needs. The Fed can't create growth out of thin air, but it can provide a growth-enhancing environment for an economy.

I focus on the Fed's willingness to supply money and money equivalents and how that compares to the market's demand for same. I don't consider the Fed's decisions to raise or lower interest rates to be necessarily restrictive or stimulative. A reduction in short-term rates (which implies an increase in the supply of money) might actually be harmful if the demand for money is rising at a faster rate. Last May I argued that the Fed needed to reduce rates in response to an increase in the demand for money. Not because the economy was on the cusp of a recession, and not because it needed a shot of stimulus, but because to not do so would imply a tightening of monetary conditions at a time when pessimism was the order of the day, and that might eventually lead to uncomfortably low inflation (or deflation) and/or a recession.

So Chart #10 is important to keep in mind. What it shows is that the demand for money (using the ratio of M2 to nominal GDP as proxy) soared in the wake of the Great Recession. Subsequently, money demand fell from mid-2017 to mid-2018 as confidence soared and the economy strengthened, and it has creeped back up in the past few quarters, as tariff wars and slowing global growth have brought risk aversion back into fashion. Quantitative Easing was necessary to satisfy the economy's demand for money; it was not full-bore stimulus as many seem to think. The dollar's relative stability and the persistence of relatively low and stable inflation are proof that the Fed wasn't "printing money." That's still the case today. I continue to believe the Fed is justified in reducing short-term interest rates, which they will likely do at next week's FOMC meeting. This won't necessarily be "stimulative" but it will reassure markets and keep liquidity conditions healthy.

Chart #11

Chart #11 looks at one very important financial variable, namely 2-yr swap spreads (which are briefly explained here). Currently, swap spreads in both the US and the Eurozone are low. This is a very good sign, since it implies that liquidity is abundant and financial conditions are generally quite healthy. Liquid financial markets are essential to a well-functioning economy, just like shock absorbers are essential for a smooth ride. Swap spreads have also tended to be good predictors of future economic health. Swap spreads today tell us that systemic risk in most major economies is quite low, and that the economic outlook is therefore positive.

Chart #12

Chart #13

Charts #12 and #13 are some of the most troubling charts in my collection. Manufacturing conditions have deteriorated significantly in the past 6-9 months, both here and in Europe. Not surprisingly, we now know that real growth also slowed over that period. Fortunately, while conditions remain relatively weak, they are not bad enough (so far) to imply an impending recession. Especially considering the ongoing health of the service sectors.

Chart #14

Chart #14 looks at the service sectors of the US and Eurozone. Here we see that conditions have not deteriorated to the same extent as they have in the manufacturing sector (the US service sector is orders of magnitude larger than the manufacturing sector). The relative health of the service sector undoubtedly reflects the fact that Trump's ongoing tariff wars are directed almost exclusively to the manufacturing and goods-producing sectors of global economies. 

Tariffs are disruptive, there's no question about it. We need to get rid of them as soon as possible. When and if that happens, confidence is likely to return and economies are once again likely to flourish. 

73 comments:

Cabodog said...

Scott, as always, a huge thank you for publishing your thoughts.

I heard the other day that truck tonnage was down? What are your thoughts on this (and is that true)?

steve said...

Great stuff Scott. A sincere thank you. One point of departure; I now believe that the reason the bond market is so pessimistic is that it believes Trump will NOT end tariffs-in fact he does not WANT to. He and his chief minion Navarro have some inane belief that to "Make America Great" they need to force Americans to buy only American products. It's like they're living in some parallel universe of insanity. Indeed, if Trump loses in 2020 this will likely be the main reason. Just think about how much more growth we would have without the drag of tariffs which undoubtedly is reducing corporate investment.

Admittedly I'm not a Trump fan. I think he's basically lazy and stupid. Worse though, is he is most certainly NOT conservative. One point you did not raise was the debt ceiling and spending bill just passed. About the only thing our illustrious POTUS can agree on with the Dems is spending us into oblivion!

If trump wins in 2020 it will embolden him to increase tariffs. If he loses? Well, I don't even want to think about that.

steve said...

To b bolster my comments:

https://www.wsj.com/articles/the-trade-war-growth-slowdown-11564182695?mod=hp_opin_pos_2

Aside from JBD, does anyone seriously believe that Trump can outmaneuver Xi Jinping?

https://www.project-syndicate.org/commentary/china-takes-long-view-on-america-cold-war-by-stephen-s-roach-2019-07

The Cliff Claven of Finance said...

The weakness in the Chinese and German economies should be mentioned.
The U.S. is not an island detached from all other major economies.

Democrats all sound like socialists now -- that has to be hurting long term capital investments in this nation, in spite of the corporate tax cuts.

I'm not a Trump fan either Steve, because of his personality.

Obama could be charming ... while being wrong on almost every policy decision!

John said...

Interesting charts and analysis, as usual. So, assessing Trump's contribution to the economy, good bad or indifferent. What is the big (or otherwise) difference now compared to the economic conditions when Obama left office?

John A said...

Trump's tax cuts have achieved precisely nothing. Same jobs and GDP growth we saw under Obama. So what was the point of them, besides to swell the deficit?

Neither have those regulatory cuts accomplished anything, either, except to make the regulation-haters happy. All bluster, no effect.

Hopefully this will be a lesson for the supply-siders who've insisted for decades that tax cuts spur the economy. If tax cuts were supposed to spur the economy, how come we're not seeing a big boom after Trump's tax cuts?

And speaking of economic booms - or the lack thereof - it looks like jobs growth last year may be revised downward, perhaps substantially:
https://www.bloomberg.com/opinion/articles/2019-07-05/the-myth-of-the-tight-u-s-labor-market
"The latest QCEW data are available through 2018, but note how much worse the 2018 QCEW data look than the Establishment Survey data, even though the two appear fairly similar in previous years, for which the latter has already undergone the requisite revisions. The Establishment Survey’s nonfarm jobs figures will clearly be revised down as the QCEW data show job growth averaging only 177,000 a month in 2018. That means the Establishment Survey may be overstating the real numbers by more than 25%."

Al said...

Awesome graphs and post. Good to hear from you Scott.

David Templeton, CFA said...

Very nice post. Thanks for sharing your insight. And I couldn't agree more with your comment, "For weeks I've been struggling to come up with a post that puts recent events and trends into a coherent perspective. It's been difficult, however, since for every positive there seems to be a negative."

Benjamin Cole said...

as usual, great post and I love the numberered charts.

Like many others, including Ray Dalio, I think something has changed in developed economies in the last 20 years. For whatever reason, monetary policy may take on a new look.

If you look at Japan or Europe, the days of fighting inflation are over, and central banks appear able to buy back or monetize national debt without inflationary consequence.

We may have to get used to money-financed fiscal programs (yes, I know, heresy).

If interest rates drop to zero then evidently the public is indifferent to holding cash or Sovereign bonds---well, maybe the public would actually prefer to hold cash as so many sovereign bonds today pay negative rates of Interest.

In this odd situation, a government can monetize its debt without consequence.

Earnest and highly intelligent economists such as Paul Volcker or Martin Feldstein spent decades and decades warning that higher interest rates and inflation were pending. Instead we have seen decades of shrinking interest rates and inflation.

The trend lines are pointing to deflation and negative interest rates. I cannot say that will happen and the old joke is that making predictions is hard especially about the future.

My fear about Federal deficit is that we have a central bank unwilling to conduct QE on a permanent basis.

John said...

Fascinating comments. Benjamin's QE argument opens up a panoramic vista of policy implications. How do currency markets affect this whole inflation-deflation dichotomy? What determines the value of a nation's currency? Many things, I suppose. But what is the currency game all about? How do nations boost the value of their own currency, extend its global use, suppress the value of others? What if there were an international currency used by all nations?

Scott Grannis said...

Cabodog, re Truck Tonnage: The latest release of Truck Tonnage (https://www.trucking.org/article/ATA-Truck-Tonnage-Index-Fell-1.1-Percent-in-June) shows that the surge in April (which I noted in a post) was mostly reversed (but not entirely) in May and June. There has obviously been a great deal of volatility in this series of late. However, my Chart #1 in that post (http://scottgrannis.blogspot.com/2019/05/truck-tonnage-looks-quite-bullish.html) now shows that the lines for Truck Tonnage and the S&P 500 are right on top of each other.

honestcreditguy said...

China just had to rescue another bank, 100B, China has to find new buyers of its products. I would not say China is in good position other than the treasury holdings, that is there main leverage but where else is safe?

Tariffs are hurting China right now in a bad way, monetary efforts by chinese officials is all in....I would now after every pundit has called it far to early look for China to have a 2008 like moment....and it will have some affect here but not like it will there....1 billion desperate folks is not a good thing....

Benjamin Cole said...

Side question to Scott Grannis or anybody else: many nations are now issuing bonds with negative interest rates. Why do not these nations issue a lot of bonds and retire all positive interest-rate debt. Then these nations would actually be receiving payments for having issue debt.

And yes, we are living in Alice in Wonderland macroeconomics.

Grechster said...

Question related to Benjamin's:

Why don't countries who are able to issue debt at super-low and negative rates borrow more and invest in infrastructure and other things that have SOME return?

I've thought for a long time that the entire lend/borrow/invest function is broken. And if not broken, then certainly materially different from what any of us grew up to understand. This massive change is obviously related to the inability of the central banks to get inflation up to where they say they want it.

Alice in Wonderland, indeed.

Christophe said...

Scott, thank you for your analysis. For years now, you have helped many with staying calm and bullish while others were like chickens without a head climbing the “wall of worry”. I note my “ScottGrannis indicator” seems to be turning a bit more neutral. Can’t wait to read your next articles.... ;-)

I agree with Benjamin but would go even further in the Alice in Wonderland fantasy.
With negative borrowing cost why not buy major positions in strategically chosen publicly traded companies. In theory a country could discreetly be buying a major chunk of the worlds corporation for free? On top of the strategic power this would give the country a nice ~2% yield for free. A relatively small country like Japan has ~$10T in debt. Ownership of 51% market cap all firms in the SP500 cost ~$12T.

Peace!

Fred said...

The Trump "tax reform" has caused my taxes to go up because I'm not entitled to his special 20% deduction that his friends in the real estate trade receive and he slashed deductions that I used to get. Now I pay more in taxes and we have a ballooning deficit and the same mediocre growth we had under Obama. I used to believe tax cuts were stimulative but I just don't see the evidence. Look what happened in Kansas with their tax cuts.

steve said...

"Side question to Scott Grannis or anybody else: many nations are now issuing bonds with negative interest rates. Why do not these nations issue a lot of bonds and retire all positive interest-rate debt. Then these nations would actually be receiving payments for having issue debt."

A better question must be why the HELL does anyone buy negative yield bonds?

Benjamin Cole said...

Steve---

I don't know. My guess is that certain larger institutional investors buy bonds to park their money as they wait for an investment opportunity. Safe havens. Italy now can borrow money more cheaply than the United States. That makes no sense to me.

By the way more and more professionals are suggesting the next move in US bond rates is down, heading towards zero like Europe or Japan.

RSC said...

Perhaps I missed it but I haven't seen you mention the CAB indicator in quite some time. While it's trending down that could be validation of trade posturing.

Would love to hear your thoughts.

Chanchal said...

Roku Streaming Device, you can watch the biggest content of channels on your TV, mobile, laptop, etc. You can select your favorite channels with your Roku account. You can create your Roku account through roku.com/link .

Chanchal said...

Begin with downloading, introducing, and actuating utilizing a legitimate office.com/setup item key. Additionally locate the key highlights of all Office variants.

Chanchal said...

Download and install Mcafee through mcafee.com/activate sign in to your Mcafee account and Enter 25 digit Mcafee activation code to activate your Mcafee product .

Chanchal said...

Enter avg activation code to activate avg antivirus on your device through avg.com/retail . create your avg account to manage all your subscription.

Chanchal said...

Norton antivirus provides protection against virus, malware, online threats without damaging the device performance. It also blocks harmful websites. You can get Norton setup product from the retail store and also download and install Norton with product key from norton.com/setup.With Norton account, you can easily download Norton antivirus product.

Chanchal said...

Norton is Automated. Norton Antivirus is automated and it runs as soon as you turn on your computer. Open the internet browser and input norton.com/setup . Click on Sign In to the account.

Chanchal said...

Webroot delivers multi-vector protection for endpoints and networks and threat intelligence services to protect businesses and individuals in a connected world. visit webroot.com/safe for more information.

Chanchal said...


Download and install norton setup from norton.com/setup . log in and enter norton product key code to activate your norton antivirus .

Chanchal said...

system Mechanic Trial is a Windows enhancement item that cleans, accelerates and system mechanic balances out PCs with all the usefulness of the full, paid form of System Mechanic until the lapse of the time for testing.

Chanchal said...

If your version of Ms Office came with your PC, you can download or order a latest version from office.com/setup.You can also install office with 25-digit activation code.

Chanchal said...

Roku Streaming Device, you can watch the biggest content of channels on your TV, mobile, laptop, etc. You can select your favorite channels with your Roku account. You can create your Roku account through roku.com/link .

Chanchal said...

Once the device found, you can add paid channels or free channels from the Roku Channel Store. Your T.V screen will start displaying some instructions to activate roku.com/link You will receive an activation code.

Chanchal said...

Microsoft Office, or simply Office, is a family of client software, server software, and services developed by Microsoft.Microsoft Office is a collection of office-related applications.visit office.com/setup for more information.

Chanchal said...

It is a family of client software, server software and services through this you can create professsional looking documents , charts , calculations, reports, and presentation in high speed and accuracy.if you want to install it then visit: office.com/setup today.

Chanchal said...

norton web security is generally utilized antivirus gives the least demanding to utilize and most intutive assurance for your PC and your mobiles .introduce it and disregard viruses,spyware,root-units, hackers.for more subtleties visit: norton.com/setup today.

Chanchal said...

Introduce norton antivirus with the best help and keep your PC contamination free. Download Norton Antivirus with the best help of norton.com/setup and avoid disease attacks.

Chanchal said...


123.hp.com/setup support all major desktop and mobile operating systems, including Windows, MacOS, iOS, and Android.123.hp.com/setup click here for more information.

Chanchal said...


Windows or Mac computers: Go to 123.hp.com and follow the instructions to install and set up the printer for your connection type. note: If you connect the printer USB cable to a Windows computer instead of setting up the connection with the HP driver, in most 123.hp.com/setup cases the operating system automatically detects the printer and installs a 'built-in' driver for basic functionality.

Chanchal said...

Mcafee is a standout amongst the best antivirus to ensure your computer,laptop and otherdevices fromvirus attacks.Mcafee program shield your PC from infection. in the event that you need to introduce mcafee in your pc, visit: mcafee.com/activate for complete establishment and initiation.

Chanchal said...

office.com/setup will help you to deploy the office setup successfully on your device. Here are easy steps to download, install and activateoffice.com/setup. Visit office setup now.

Chanchal said...

Microsoft office setup, download, Install & activate with Microsoft office product key.on-screen Instruction on office.com/setup

Chanchal said...

install, download and activate all mcafee products available on Official Website by providing a 25-digit unique code in mcafee.com/activate to activate the licensed mcafee product.

Chanchal said...

Roku provides the simplest way to stream entertainment to your TV. With thousands of available channelsvisit here for more details roku.com/link visit here

Chanchal said...

Roku is a gushing gadget, which is a sensible roku arrangement and other Set-up Box. Roku is a heap of diversion, where customer can stream for unlimited movement roku.com/link shows up, web game plan, news, liveliness and significantly more activities.

Chanchal said...

Stream hundreds of hit movies, TV shows and more on the go with The Roku Channel, use it as a second remote, enjoy roku.com/link private listening, and more. download roku.com/link now.

Chanchal said...

Office it the heap of Office instruments to make your working smooth and effective. Get it downloaded office.com/setup in your PC with the speedy assistance.

Chanchal said...


Norton Security covers PCs, Macintoshes, Androids, iPads and iPhones. Not all highlights are accessible on all stages. Sign in to My Norton to deal with your membership, update your profile, change yournorton.com/setup charging inclinations, or reestablish your Norton security.

Chanchal said...

Introduce mcafee antivirus in your PC with high class experts and best tech group. Simply ring us and we are prepared to help you till the last moment of establishment - mcafee.com/activate visit today.

Chanchal said...

How to login to office.com/setup ? if you want to proper information about office.com/setup .Here is our website for your help so visit our site you will find office.com/setup a right way to operate MS office.

Chanchal said...

Norton Antivirus is one the most widely used and trusted anti-virus software in the world managing to protect users of all knowledge levels and all hardware configurations against malicious software threat that are targeting Windows-powered services and privacy of their users. It efficiently detects and removes viruses, worms, Trojans and countless other types norton.com/setup of threats automatically, without intruding on your …

Chanchal said...

Roku gives the least complex approach to stream excitement to your TV. On your terms. With a roku.com/link great many accessible channels to look over.

Chanchal said...

The Roku Channel is your home for nothing and premium , anyplace you go. Stream many hit films, famous shows, all day, every day live news, and more for nothing. Effectively include and oversee Premium Subscriptions like Showtime, Starz, and Epix with one login roku.com/link , one bill, and one spot to stream them all.

Chanchal said...

To get roku link code, follow is the procedure to get roku link code. A browser is required to facilitate access to any roku account, so at first open your web brower. Login your Roku roku.com/link account by providing required details. Then, go to Player section to retrieve the link code. Once getting the roku link code, open Link your Roku device.

Chanchal said...

Go to mcafee.com/activate & enter the activation key to get protection. Download, install and activate McAfee at mcafee.com/activate

Chanchal said...


McAfee antivirus works as a shield of device. It protect against virus, malware, online threats etc. You can easily download, install and activate McAfee products through mcafee.com/activate . When you will go with this link, you can follow the process of downloading, installing and activating McAfee with activation code

Chanchal said...


Mcafee activation can be easily processed using activation code from mcafee retail card and using it online on Mcafee Website page. you can mcafee.com/activate download and activate security of your device online.

Chanchal said...


Mcafee Antivirus Download and Free Trial Security Software. mcafee.com/activate Use our 30-day groundwork to get free antivirus insurance and illness launch while you discover how McAfee can ensure your PC superior to other security thing.

Chanchal said...

McAfee inception with Mcafee antivirus gives all-around protection blocking all the mcafee.com/activate bothersome perils, malware disease which can hurt your PC.

Chanchal said...


Norton offers support to install the software on the computer same way we, here at superb support offers premium services to support the user to install Norton and other antivirus norton.com/setup programs and other computer related issues.

Chanchal said...

orton Setup Internet and Device Security. Norton give total seCurity to web and device.Every business constantly expected to send the record and subtleties material and everybody needs to beyond any doubt that the norton.com/setup archives that are sending the best possible and unique arrangement.

Chanchal said...

Present norton antivirus with the best help gathering and keep your PC contamination free. Download norton.com/setup norton antivirus with the best help gathering and avoid disease attacks.

Chanchal said...


If you need someone to assist you with Webroot installation then contact the Webroot Support team at visit webroot.com/safe

Chanchal said...

Webroot Software Installer is part of the Webroot branded Lastpass software.WebRoot SecureAnywhere seems to be a Legitimate software.visit webroot.com/safe to install or reinstall Webroot SecureAnywhere on a computer.

Chanchal said...

Webroot Software Installer is part of the Webroot branded Lastpass software.WebRoot SecureAnywhere seems to be a Legitimate software.visit webroot.com/safe to install or reinstall Webroot SecureAnywhere on a computer.

Chanchal said...

Webroot is quick and easy to download, install, and run. Plus, updates are automatic so you always have the most current protection. Clicking "Download Now" will trigger an automatic download webroot.com/safe accompanied by instructions for activating your protection.

Chanchal said...

Download office setup 365 with the best tech help team and make your computer office.com/setup working with office package

Chanchal said...

norton provides industry-leading antivirus and security software for your PC, Mac .Norton Setup and norton.com/setup Installation Process – For both PC and mobile users. Highly popular among the PC users

Chanchal said...

Mcafee antivirus is extensively used antivirus recognizes and kill PC disease, the mail worms,the trojan programs,and also empowers your structure to free of mcafee.com/activate contamination and other malware is a noteworthy step by step challenge.

Chanchal said...

Webroot is one of the most important and powerful applications which mainly webroot.com/safe designs to tackle harmful malware and help to secure information.

Chanchal said...


Hulu is an on-demand video streaming platform that has been around for more than a decade.Activate hulu from hulu.com/activate Hulu is one of the best ways to find legal HD movies and TV shows online.

Chanchal said...

Activate Roku.com/link, go to www.roku.com/link account enter Roku com link code roku.com/link displayed on Roku TV. My roku com link not working use new Roku code

Chanchal said...

To enact Avg retail, Avg permit code is required. Avg License code is otherwise called avg enactment code or avg.com/retail code. You get Avg permit code on your email when you buy Avg retail on the web. On the disconnected acquisition of Avg web security, you get the code on the posterior of retail card box avg activation code

Chanchal said...


To recover apple password Go to your Apple ID account page that is apple.com/recover and click Forgot Apple ID or password. When you're asked to enter your Apple ID, click "If you forgot your Apple ID", and you apple.com/recover can look it up. Enter your first name, last name, and email address.

Chanchal said...

macOS Recovery is part of the built-in recovery system of your Mac. You can start up from apple.com/recover macOS Recovery and use its utilities to recover from certain software issues or take other actions on your Mac.