Time to Pop the Champagne or Put a Cork in It?
- Third-quarter GDP was revised upward to a 5.0 percent annualized pace, the strongest clip in 11 years. The upward revision stemmed largely from better consumer spending.
Consumer spending looks to be continuing at a decent pace in the fourth quarter. Personal spending rose 0.6 percent in November, while income growth also strengthened. - In contrast, activity in the manufacturing sector is slowing and the housing recovery remains sluggish. Core durable goods orders disappointed again in November while new and
existing home sales fell last month.
Click here to access more details on the Wells Fargo Weekly Economic and Financial Commentary.
Tags: economy