Economic Takeaways of Americans' Confidence, Third-Quarter GDP
- Conference Board's sentiment reading weakest in more than year
- Economic growth revised higher in 3Q, income growth stronger
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What you need to know about Tuesday’s U.S. economic data:
The Takeaway: The survey’s cutoff date was Nov. 12, a day before the terrorist attacks in Paris. The larger-than-forecast decline was due instead to more downbeat assessments of the labor market and more pessimism about incomes. The report is at odds with the University of Michigan’s preliminary reading of consumer sentiment, which reached a four-month high, as well as official data on the labor market. After all, government data showed October was the strongest month for employment this year. As shoppers gear up for the holidays, retailers can take at least some comfort in the Conference Board’s buying-plans data, which held up in November.