Data deluge wrap-up
I'm off to my oldest daughter's Halloween parade momentarily. But I couldn't help but note the strength shown in this morning's economic data. A quick recap ...
* The economy surged ahead at a 3.9% rate in the third quarter. That was well ahead of the 3.1% growth forecast. Investing in housing tanked at a 20.1% annualized rate. But consumer spending held up nonetheless -- expanding by 3% -- and business investment on things like equipment and software came in at a healthy 5.9%. Export growth surged 16.2%, the biggest rise since 2003.
* ADP says October job growth came in at 106,000, up from September's 61,000. ADP's report covers only private-sector employment -- if it's accurate and if there's decent government hiring, we could get an upside surprise on Friday when the official Bureau of Labor Statistics jobs report for October comes out.
Of course, the Fed meeting is still on tap this afternoon. These figures make a 25 basis point cut more likely than a 50. I'll be back with more later ... heading out the door now!
* The economy surged ahead at a 3.9% rate in the third quarter. That was well ahead of the 3.1% growth forecast. Investing in housing tanked at a 20.1% annualized rate. But consumer spending held up nonetheless -- expanding by 3% -- and business investment on things like equipment and software came in at a healthy 5.9%. Export growth surged 16.2%, the biggest rise since 2003.
* ADP says October job growth came in at 106,000, up from September's 61,000. ADP's report covers only private-sector employment -- if it's accurate and if there's decent government hiring, we could get an upside surprise on Friday when the official Bureau of Labor Statistics jobs report for October comes out.
Of course, the Fed meeting is still on tap this afternoon. These figures make a 25 basis point cut more likely than a 50. I'll be back with more later ... heading out the door now!
posted by Mike Larson at
8:43 AM
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