USA • The Bureau of Economic Analysis put out its first estimate of Q3 GDP growth. The economy reportedly expanded 2.6% annualized in the quarter, a bit more than the median economist forecast calling for a +2.4% print. This gain hoisted economic output 4.2% above its pre-COVID level and narrowed the output gap to only [...]
USA • Industrial production expanded 0.4% in September and reached a new all-time high. Manufacturing output, too, sprang 0.4% as production of motor vehicles/parts (+1.0%) continued to recover after being hit by semiconductor shortages last year. Excluding autos, factory output still advanced 0.5% on a 1.1% gain for computers/electronics. Utilities output shrank 0.3% as temperatures [...]
USA • Consumer Price Index jumped 0.4% in September, twice the pace expected by consensus (+0.2%). Prices in the energy segment fell 2.1% as declines for gasoline (-4.9%) and fuel oil (-2.7%) were only partially offset by a 2.9% gain for utility gas services. The cost of food, meanwhile, sprang no less than 0.8%. The [...]
USA • Lower job openings, higher jobless claims, and slowing job growth all provided some evidence of a softening labor market, but a lower unemployment rate and solid wage growth clouded the aggregate outlook. Equity markets rallied to start the week with hopes of a ‘Fed pivot’ before retreating on Friday as the jobs report [...]
USA • Durable goods orders fell 0.2% in August, slightly less than the consensus forecast calling for a 0.3% decrease. Orders in the transportation category were down 1.1% as gains for vehicles and parts (+0.3%) were offset by losses for non-defence aircraft (-18.5%). Excluding transportation, orders were up a consensus-matching 0.2%, marking the sixth consecutive [...]
