Wells Fargo Weekly Economic and Financial Commentary, October 28, 2013

Modesty Is Quite Unbecoming in the Recovery

 

· September’s employment numbers were once again underwhelming, with more than two years of modest payroll growth continuing into the autumn months.

 

· Residential construction bounced back in August, reflecting better weather conditions. Construction spending improved in August, and a surge in existing home sales over the summer more than made up for the small drop in September.

 

· Aircraft and defense orders fueled the rebound in durable goods orders, but otherwise, the report was relatively weak. In addition, a dearth of global demand kept the trade deficit relatively stable in August.

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