Despite the holiday-shortened week in the U.S., a number of important economic releases are due out this week covering personal income and spending, inflation, new home sales, durable goods orders, consumer confidence, and the revised reading on third quarter GDP.
The consensus forecasts are for an unchanged estimate of 3rd quarter real GDP (+1.9%) and for 0.3% monthly gains in both personal income and spending. Investors will also be paying attention to Fed Chair Jay Powell’s speech at the Greater Providence Chamber of Commerce Annual Dinner in Providence, Rhode Island tonight, and the release of the Fed’s Beige Book on current economic conditions by Fed district. Overseas, India releases GDP figures late in the week, and the expectations are low. The Financial Times reports, “Over the past year the {Indian} economy has been slowly losing momentum as promised jobs have failed to materialize and anxious consumers have tightened their belts. The country’s economy grew at a six-year low of 5 per cent in the second quarter — far lower than India needs to grow to absorb the estimated 12m people entering the job market each year.” Other international economic releases will cover Japanese industrial production, retail sales, and the unemployment rate, along with German consumer price inflation and unemployment. Have a great week and best wishes for a Happy Thanksgiving!
