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Economic Commentary

Economic Commentary – October 28, 2024

October 28, 2024
After two marginally interesting weeks of US economic data, patient observers will now be rewarded with almost more than can be readily absorbed. Multiple measures of growth, most of which are expected to describe an expanding, possibly accelerating, economy, will arrive on the very threshold of US elections, guaranteeing headlines and perhaps some controversy. The most significant data point will almost certainly be the nonfarm payrolls numbers; solid employment and wage growth are propelling the US forward while much of the world languishes. As some pundits are beginning to wryly comment, the Federal Reserve’s much-discussed “soft landing” may not happen because there may be no landing. Data to Watch:
  1. US JOLTS job openings data for September, released Tuesday, October 29
  2. First estimate of Q3 US GDP Growth, released Wednesday, October 30
  3. US Nonfarm Payrolls and Unemployment Rate for October, released Friday, November 1

Suggested Reading:

  1. Global Economic Leaders Confront a New Era of Industrial Policy
  2. Home Sales on Track for Worst Year Since 1995
  3. New Zealand May Have a Solution for the World’s $100 Trillion Public Debt

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