The wealth of data last week did not change the fundamental outlook.
Economic growth for the third quarter was revised upward last week. It was moved up to 2.1% , the same rate of growth reported for the second quarter. The Advance Report had estimated growth at 1.9%. This revised data makes annualized growth in the U.S. 2.3% , which is about the average annual growth since the recession ended in 2010. Personal consumption expenditures remained at a solid 2.9% for the quarter. Inventories were larger than first estimated and added to total growth instead of being a drag, as was reported in the Advance Report. Higher inventories in the third quarter means less production in the fourth. The U.S. economy remains the strongest of any of our trading partners.
PROBANK AUSTIN ADVISOR - DECEMBER 2, 2019