U.S. economic growth braked sharply in the third quarter as businesses cut back on restocking warehouses to work off an inventory glut, but solid domestic demand could encourage the Federal Reserve to raise interest rates in December.
Gross domestic product increased at a 1.5 percent annual rate after expanding at a 3.9 percent clip in the second quarter, the Commerce Department said on Thursday.
The spin comes in the next paragraph:
The inventory drag, however, is likely to be temporary and economists expect growth to pick up in the fourth quarter given strong domestic fundamentals.
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Jobs
Speaking of spin: "applications barely rise." Monthly average falls to 42-year low.
The numbers:
- actual: 260K
- consensus: 263K
- previous: 259K
Today's seasonally adjusted 260K new claims was slightly better than the forecast of 263K.
The four-week moving average is at 259,250, down from last week's 263,250, is at a new low last seen in 1973.
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ObamaCare
ObamaCare stories coming out fast and furious as:
- open season begins
- becomes clear that things are not going well
- even President Obama is defunding the ObamaCare co-ops, something the GOP could not do (previously reported); nearly half (eventually, "more than half") of the co-ops will shut down (this was Big Health's plan all along)
- President Obama defunds the healthcare co-ops
- the healthcare co-ops collapse
- Big Health moves in, consolidates
- Aetna 3Q15 earnings beat forecasts; increase guidance
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