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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
US annualised GDP rose more than expected in 3Q 2019
In the US, the second estimate of annualised gross domestic product (GDP) climbed 2.10% on a QoQ basis in 3Q 2019, compared to an advance of 2.00% in the previous quarter. Markets were expecting the annualised GDP to advance 1.90%.
US pending home sales dropped more than expected in October
In the US, pending home sales eased 1.70% on a MoM basis in October, compared to an advance of 1.50% in the previous month. Market expectation was for pending home sales to drop 0.10%.
US Chicago Fed purchasing managers index rose in November
In the US, the Chicago Fed purchasing managers index climbed to a level of 46.30 in November, lower than market expectations of an advance to a level of 47.00. In the prior month, the index had recorded to a reading of 43.20.
US durable goods orders surprisingly climbed in October
In the US, the preliminary durable goods orders unexpectedly rose 0.60% on a MoM basis in October, higher than market expectations for a drop of 0.70%. In the previous month, durable goods orders had registered a drop of 1.20%.
Fed’s Beige Book: US economy growing at a ‘modest pace’
According to the US Federal Reserve’s (Fed) latest Beige Book report, the US economy expanded modestly from October through mid-November, with the outlook for growth being encouraging. Meanwhile, the report indicated that businesses across all regions were having to deal with continued worker shortages.
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