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.
