Three big economic events landed at the feet of investors last week. For all practical purposes, they were favorable.
Let’s start with the preliminary number from Q3’s GDP report. GDP is the broadest measure of economic activity.
U.S. GDP slowed from Q2’s annualized pace of 2.0% to 1.9%, topping the consensus forecast of 1.6% (U.S. BEA, Wall Street Journal). As we saw with Q2, the consumer led the charge as spending by businesses remained soft.