GDP for the third quarter blew away expectations this morning, printing at a whopping 33.1% in preliminary numbers...the biggest quarterly annualized increase ever. Jobless claims also were better than expected.
The corporate business media did its best to downplay the numbers. However, any way you look at it, the print was impressive.
Financial markets are down on the open as worry over a new 'wave' of infections hits Wall Street, again aided and abetted by the corporate business media as we discussed yesterday.
Is there an election coming?
The GDP number is even more impressive when you realize that much of the country still remains closed for political reasons in blue states.
The National Association of Realtors showed a large drop in pending home sales, falling 2.2% in September as compared with August, as the migration away from violent Democrat-run cities rabidly increased demand and priced many buyers out of the market.
Core Personal Consumption Expenditures (QoQ) (Q3) PREL printed at 3.5% vs 4.0% consensus estimate.
Continuing Jobless Claims (Oct 16) printed at 7.756M vs7.7M estimate.
Gross Domestic Product Price Index (Q3) PREL printed at 3.7% vs 2.8% estimate.
Personal Consumption Expenditures Prices (QoQ) (Q3) PREL printed at 3.7%.
Initial Jobless Claims (Oct 23) printed at 751k vs 775k estimate.
Initial Jobless Claims 4-week average (Oct 23) printed at 787.75k.
Gross Domestic Product Annualized (Q3) PREL printed at 33.1% vs 31% estimate.
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