Well, I have some more upbeat news to report this week. The news comes largely from the housing sector. Data showed that existing home sales did fall last month, but they met expectations. A clear home run for housing came from the new home sales market, where sales topped expectations. The headline data for the S&P Case-Shiller 20-city home price index also came in better-than-expected, increasing hopes that the recovery in the U.S. housing market will not stall. And while headline news this week on September durable orders wasn’t so pleasant. However, key indicators of business spending in the orders report showed growth last month. It indicates that business spending and manufacturing will likely contribute more to tomorrow’s third quarter GDP headline than they did to second quarter GDP.
Click the following to see my video on this weeks Economic Update.