The UST10-Year yield is at 2.549% this morning after closing at 2.536% yesterday.
Today's slew of economic releases was mostly positive. Real Gross Domestic Product increased at an annual rate of 3.50% for the 3rd quarter, the fastest in 2 years. The raise from the previous 3.20% was due to an increase in non-residential fixed investments, PCE, and state and local government spending. Personal Consumption, which accounts for ~70% the economic growth, expanded in the 3rd quarter from 2.80% to 3.00%. Orders for Durable Goods fell 4.60% in the month of November, primarily due to a 75% decrease in orders for commercial aircraft. Durable Goods excluding defense & air rose to 0.90% vs. 0.20% the previous month.
Initial Jobless Claims increased by 21K to 275K in the week ended December 17th, the highest seen in 6 months; potentially reflecting a shift in seasonal hiring. Claims for those continuing to receive unemployment benefits also rose in the week ended December 10th to 2036K from the previously revised 2021K.
The Consumer Comfort Index grew to 46.70 from 45.50, the highest since April 2015. Economic Expectations poll rose to 53.50 from 44.00 as prospect for an improving economy continues to rise. The State of Economy Index rose to 42.10 from 39.50, Personal Finance Index improved 0.70 to 56.80 and the Buying Climate Index rose 0.10 to 41.10. Personal Income remained unchanged and Personal Spending dropped slightly to 0.20% in the month of November. The Leading Index remained unchanged at 124.60.
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Today's slew of economic releases was mostly positive. Real Gross Domestic Product increased at an annual rate of 3.50% for the 3rd quarter, the fastest in 2 years. The raise from the previous 3.20% was due to an increase in non-residential fixed investments, PCE, and state and local government spending. Personal Consumption, which accounts for ~70% the economic growth, expanded in the 3rd quarter from 2.80% to 3.00%. Orders for Durable Goods fell 4.60% in the month of November, primarily due to a 75% decrease in orders for commercial aircraft. Durable Goods excluding defense & air rose to 0.90% vs. 0.20% the previous month.
Initial Jobless Claims increased by 21K to 275K in the week ended December 17th, the highest seen in 6 months; potentially reflecting a shift in seasonal hiring. Claims for those continuing to receive unemployment benefits also rose in the week ended December 10th to 2036K from the previously revised 2021K.
The Consumer Comfort Index grew to 46.70 from 45.50, the highest since April 2015. Economic Expectations poll rose to 53.50 from 44.00 as prospect for an improving economy continues to rise. The State of Economy Index rose to 42.10 from 39.50, Personal Finance Index improved 0.70 to 56.80 and the Buying Climate Index rose 0.10 to 41.10. Personal Income remained unchanged and Personal Spending dropped slightly to 0.20% in the month of November. The Leading Index remained unchanged at 124.60.
The curve has bear-steepened with the UST 10-Year 1.3 bps up from prior closing.