A Little Less Shine on the Data
· The trade gap increased more than expected in September as exports slipped 0.2 percent and imports rose 1.2 percent. The print suggests trade should be more neutral for the second estimate of GDP in the third quarter based on what the BEA had previously assumed.
· Small business confidence fell more than anticipated as the federal government’s shutdown and run-up to the debt ceiling weighed on firms’ near-term expectations for the economy.
· Industrial production slipped 0.1 percent in October as utilities and mining output declined. Manufacturing output rose 0.3 percent despite a 1.3 percent drop in motor vehicles.
Read the full commentary: