Robert Hughes

Auto Sales Fell Slightly in November but Remain at a High Level

Auto sales eased back to 17.5 million in November, the second monthly slowing following a hurricane-related surge to 18.6 million in September. Despite the slowing over the latest two months, auto sales remain at a high level by historical comparison.

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Third-Quarter Real GDP Is Revised Higher; Profits Hit a Record

Revised estimates show real GDP grew at a 3.3 percent pace in the third quarter and most elements of the report suggest the economy remains in very good condition, with moderate real growth, continued gains in profits, and tepid price increases.

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More Good News on the Economy

The latest data show favorable results for consumer sentiment, the labor market and manufacturers’ orders. They data add to the mosaic of economic data suggesting a positive outlook for the economy in the coming months.

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The Chicago Fed National Activity Index Rose Again in October

The Chicago Fed’s National Activity Index rose a gain in October, increasing to 0.65, the highest level since January 2012. The stronger performance of the index in October suggests real gross-domestic-product growth likely got off to a solid start in the fourth quarter.

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Manufacturing Outlook Remains Positive

Manufacturing surveys from the New York Fed and the Philadelphia Fed both showed mixed results overall in November, with many components posting small declines. However, both surveys showed improvement in the current-new-orders index and expectations for new orders six months ahead.

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Small-Business Optimism Rose in October

Small-business optimism remains at a high level, suggesting continued support for economic expansion. Among the biggest issues for small businesses are taxes and poor quality of labor.

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