Not much new to add this morning after yesterday's debacle. But there are a few items for you to consider before heading out to continue your holiday preparations.
Let's start with today's final guess at Q3 GDP. It was adjusted upward to +3.1% which, when computed into nominal dollars, is about equal to the US government's total deficit spending for the quarter. Neat trick. Sounds a lot like a centrally-planned, socialist or communist economy but who cares about stuff like that.
Of greater import, at least to me, is the worsening condition of the US manufacturing sector...
