The Good, the Bad, and the Ugly – U.S. Economic Data for The Third Quarter 📊

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The Good, the Bad, and the Ugly – U.S. Economic Data for The Third Quarter

The U.S. Commerce Department has just released new data concerning the economy’s performance within the third quarter, noting several positive and negative indicators to discover. On the bright side, the gross domestic product grew 2.6% following the decline in the first two halves of the year. This growth was mostly attributed to foreign trade, due to large exports of oil and gas overseas amid Europe’s energy crises. On the downside, the main driver of economic growth, consumer spending, grew but at a slower pace than it had in the second quarter.

These data points, along with earnings, caused mixed responses from investors, leading to a quite volatile market day. Treasury yields had fallen, and the housing market was not looking too hot; home sales have decreased consecutively for the longest time in 15 years, and average 30-year fixed-rate mortgages had surpassed 7% for the first time in 20 years. Overall, the fate of the economy will rely on the consumer, which according to earnings by credit card company Bank of America, has not shown signs of slowing down. On the contrary, other major tech companies have shown slowing demand affecting their earnings, so investors will have to make conclusions on how the American consumer will fare in the coming months. Along with earnings and economic data, investors should wait to hear next month’s Federal Reserve meeting to see how the current plan of increasing interest rates holds up.

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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