We have a lot of data to digest today ahead of the Holiday break with Durable Goods, GDP, FHFA Home Price Index, New Home Sales and Personal Income/Spending. Durable goods orders rebounded +0.3% in October following a -0.7% dip in September, and for November Durable Goods disappointed market expectations with a -0.7% decline (consensus +3.0%). November's decline in Durable Goods was led by transportation equipment, down -1.2%. Shipments of manufactured durable goods decreased -0.4%, Unfilled Orders increased +0.4% (highest since 1992), inventories increased +0.4%, and Non-defense New Orders for Capital Goods increased +0.5%. Excluding Transportation, Durable Goods slipped -0.4% vs. -0.9% prior (consensus +1.0%). Real GDP increased +5.0% in the Q3 (consensus +4.3%), the fastest growth pace in over a decade, up from the prior estimate of +3.9% and vs. +4.6% in Q2. The acceleration in real GDP reflected a downturn in Imports (-0.9%), and an upturn in Federal Government Spending (+9.9%) and PCE (+3.2%). The FHFA purchase only House Price Index was flat in September, following rise of 0.4% in August, and for October the index posted a +0.6% advance (consensus +0.3%). New Home sales came in lower-than-expected at 458K in October vs. 455K in September, and for November expectations are to edge up to 460K. Personal Income grew +0.2% in October after a +0.2% advance in September, and expectations for November are for a +0.4% increase. Personal spending gained +0.2% in October after a flat reading in September, and for November expectations are for a +0.5% boost.
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