Economics Group: Weekly Economic & Financial Commentary
U.S. Review
Downward Revisions, but Growth Abound
- Nonfarm payrolls increased by 214,000 in October, with upward revisions to prior months. The unemployment rate dropped to 5.8 percent, while average hours and wages perked up in the month.
- The ISM indices point to continued expansion in October, with the manufacturing series accelerating in the month. This may bode well for business investment in Q4.
- A wider trade deficit in September points to sizable downward revisions to Q3 GDP, while a reduction in construction spending has not helped. Neither data point overwhelms the positive news this week.
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Wells Fargo Weekly Economic & Financial Commentary — November 7, 2014
Tags: economy