Oct 04, 2010
| Last Updated
EXECUTIVE SUMMARY
We kick off our look at the U.S. with consumer spending, which appeared to be tracking above 1.5% growth in Q3; i.e. better than expected. While this points to an upward revision of Q3 growth, underlying fundamentals continue to point to Q4 playing out weaker. Meanwhile, consumers continue to express pessimism regarding future business conditions. Manufacturing data still indicated weak growth in September, including the ISM index, which showed broad-based declines across components. Home prices appear to have embarked upon the expected downward correction in July.[...]
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