November's Grim Economic Reports

Incomes and shipments are down. Consumers are pessimistic. Ask about GDP at your peril. The list goes on

There was nothing but gloom in the slew of U.S. economic reports released Nov. 26, as the organizations responsible for their production raced to get out their data before the Thanksgiving holiday. The U.S. personal income report for October did the most damage to the outlook. Other reports revealed a big hit to October durable goods orders that exceeded already dour expectations, a major drop in the November Chicago purchasing mangers index, a moderation in weekly initial jobless claims that still leaves a notable deterioration in November, a large drop in October new-home sales, and a sizable downward revision in the University of Michigan's consumer sentiment measure for November.

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