Wells Fargo Weekly Economic and Financial Commentary, November 8, 2013

What Government Shutdown?

· Nonfarm payrolls surprised to the upside as the federal government shutdown did little to deter private-sector employers from hiring more workers. However, furloughed workers pushed the unemployment rate higher in the household survey.

· Despite a strong headline number, the details of the third quarter GDP numbers were more disappointing. Consumers continue to exhibit weakness, while business investment growth slowed some.

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