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Livesquawk - Slew Of US Data Ahead Of Thanksgiving Holiday
Slew Of US Data Ahead Of Thanksgiving Holiday
Economists' Views

Durable Goods: BMO economist Priscilla Thiagamororthy said, "A nice rebound in motor vehicle and parts was not enough to offset the drop in aircraft bookings. Excluding transportation, however, orders climbed 0.5%. Although machinery fell from record highs (-0.5%), metals climbed 1.7% to the highest level in nearly a decade.

 

"A nice rebound in motor vehicle and parts was not enough to offset the drop in aircraft bookings. Excluding transportation, however, orders climbed 0.5%. Although machinery fell from record highs (-0.5%), metals climbed 1.7% to the highest level in nearly a decade."

 

US Q3 GDP (Prelim): Oxford Economics' Lydia Boussour said, "After experiencing one of the most severe economic shocks of the past century in 2020, the US economy has displayed one of the most rapid recoveries in modern history in 2021. We foresee real GDP growth rebounding to 5.6% in Q4. Still, it’s not time to pop the Champagne! The recovery process is far from complete, and the next stage of the recovery will be trickier to navigate with an unresolved health situation and less fiscal support."

 

Balance of Trade: Barclays' Michael Galpen said, "While our outlook for trade in the coming quarters included a narrowing in the trade deficit, we expected much of this to come from a re-balancing of US spending back toward services and away from goods, not through a surge in exports. We wonder if the strength in goods exports is related to marginal improvements in supply chain bottlenecks, such as more loaded containers departing US ports, particularly given the strength in automotive exports."