Weekly Indicators: weak but steady edition

In the rear view mirror, Q3 GDP came in at +1.6%. Excluding inventory reductions, it was over +3%! The Employment Cost Index rose +0.6%.

Monthly data for September included positive real personal income and spending, positive Chicago PMI, but declines in consumer sentiment and durable goods orders. New home sales fell off a cliff – but this very volatile and heavily revised series should always be taken with a grain of salt.