Hard hitting global and local news
3rd Quarter Advance GDP Estimate +1.5%; December Hike Odds Up to 46.5% The third quarter advance (initial) GDP estimate came in at 1.5% a bit under the Econoday Consensus of 1.7%, a bit over the Atlanta Fed GDPNow Forecast of 1.1%, and well below the Blue Chip consensus of 2.1%.
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View article: Sweden’s Migration Projection Doubles in Three Months (And It Won’t Stop There); No Cash, Just Vouchers (Hah!)
See the article here: Third Party Logistics: Will Amazon Disrupt UPS and Uber or Will Uber Disrupt Amazon, FedEx, and…
Existing Home Sales Up 4.7% Following Last Month’s 5% Decline; Home Price Weakness Existing home sales bounced this month, coming in just above the high end of Econoday Economists’ Estimates . Existing home sales bounced back very strongly in September, up 4.7 percent to nearly reverse the prior month’s revised decline of 5.0 percent, a decline that now looks like an outlier. The month’s annual sales rate, at 5.55 million, is just beyond Econoday’s top-end forecast and the second best reading of the recovery.
One relative bright spot is Amazon Hiring More than Penney’s, Walmart Combined . Leaving one widely watched holiday hiring forecast in the dust, Amazon (AMZN) said Tuesday that it will add 25 percent more seasonal workers this year, outpacing many of its bricks-and-mortar competitors who plan to keep hiring flat.
Housing Starts Surprise to Upside Led by Multi-Family, Permits Surprise to Downside There’s something for bulls and bears alike to cheer about in today’s housing starts report. Starts were ever-so-slightly above the top Econoday Estimate but permits were well below the lowest economist’s estimate. Starts, driven by a spike in multi-family units, came in much stronger than expected in September, news offset however by a significant decline in permits.
See more here: Socialist Finds 14 Flaws in Capitalism and Seeks Help to Fix Them; Mish 14 Point Rebuttal
Industrial Production Declines Again, Down Eighth Time in Nine Months Industrial production declined for the eighth time in nine month, by 0.2%, pretty much in line with Econoday Consensus estimates.
See the article here: Mid-Atlantic Manufacturing Contraction Sets In; Philadelphia Region Contracts Second Month