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Still pointing to a weaker labor market, but big recent revisions raise questions.
The latest sales data are near worthless; homebuilders are still under pressure.
Much weaker GDP growth of about 2% now looks likely in Q4
Less to the recent upturns than initially meets the eye.
The outlook for homebuilders remains tough.
Weak underlying sales probably a sign of what's to come.
Probably overstating the labor market’s health.
Trade's contribution to Q4 GDP growth probably significant but not enormous.
independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence