Q4 Economic Data Pointing Towards Weakness | Episode 078 | 11-30-2023
In today’s episode of “Markets with Megan,” we take a look into key economic indicators from October, focusing on personal income and spending, the labor market, inflation, and pending home sales. Despite personal income and spending hitting expectations, the personal savings rate edged up, though it remains notably lower than the 20-year average. Megan talks about the unchanged initial jobless claims but mentions a significant increase in continuing claims, signaling challenges in the labor market. The Fed’s preferred gauge for inflation, the PCE core, showed that the year-over-year figure remains above the target range at 3.5%. Unfortunately, pending home sales took a hit, reaching their lowest level on record. These early indicators for the fourth quarter suggest a shift from the third quarter, with potential weaknesses coming. Tune in next time as we analyze ISM Manufacturing which is expected to be in contraction territory again. For any questions or comments, reach out to us at podcast at Verdence dot com.
