Durable goods orders for November were slightly disappointing at 0.8%, but this was some turnaround from the downwardly revised 4.3% fall in October. The markets had been expecting a figure of 1.6% so the release was both good and bad really. The final reading of the GDP growth rate for the third quarter of 2018 was revised downwards to 3.4% from a previous estimate of 3.5%.
The University of Michigan consumer sentiment reading came in better than expected though, at 98.3 from 97.5 the month before and above market predictions of 97.5. The 2018 average of 98.4 is the best year since the 107.6 reached in 2000. Personal income came in at 0.2% when a figure of 0.3% had been expected, but personal spending hit 0.4% when 0.3% had been expected. All in all, a bit of a mixed day for US economic data.
As you’d expect on the day before Christmas, it is extremely quiet on the economic data front today. Enjoy your Christmas and we will see you on the other side.
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