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redguru
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This is a no-brainer but I will put it up for Lummie anyway.
The U.S. economy shook off the after-effects from Hurricanes Katrina and Rita to post stronger-than-expected growth of 3.8 percent in the third quarter, led by strong consumer and government spending.
* A record monthly surge in energy costs in September pushed consumer prices up 1.2 percent, the fastest pace in 25 years. The annual rate jumped to 4.7 percent, far higher than U.S. businesses and consumers have become accustomed to in recent years.
So far, energy costs have not muscled through to core inflation. But core inflation is near the top of the Fed's perceived tolerance zone of 1 percent to 2 percent, and there are more widespread anecdotal reports that businesses are able to pass on price increases.
* September payrolls declined 35,000, showing a smaller impact from the hurricanes than feared, and this suggests the labor market in the rest of the nation remains solid. Expectations for the October report are for a rise of 100,000.
* Consumer confidence has taken a hit since Hurricane Katrina and the resulting spike in energy prices, souring further in October. The Conference Board sentiment index fell to 85.0 in October, a two-year low, after diving in September.
Economists are worried about the outlook for the holiday shopping season, when higher heating costs will also bite. In September, retail sales edged up 0.6 percent outside of the auto and gasoline sectors.
* The manufacturing sector powered ahead in September, according to the national ISM index, and for October expectations are for still solid growth. The October report will be released as the FOMC meets on Tuesday morning.
The U.S. economy shook off the after-effects from Hurricanes Katrina and Rita to post stronger-than-expected growth of 3.8 percent in the third quarter, led by strong consumer and government spending.
* A record monthly surge in energy costs in September pushed consumer prices up 1.2 percent, the fastest pace in 25 years. The annual rate jumped to 4.7 percent, far higher than U.S. businesses and consumers have become accustomed to in recent years.
So far, energy costs have not muscled through to core inflation. But core inflation is near the top of the Fed's perceived tolerance zone of 1 percent to 2 percent, and there are more widespread anecdotal reports that businesses are able to pass on price increases.
* September payrolls declined 35,000, showing a smaller impact from the hurricanes than feared, and this suggests the labor market in the rest of the nation remains solid. Expectations for the October report are for a rise of 100,000.
* Consumer confidence has taken a hit since Hurricane Katrina and the resulting spike in energy prices, souring further in October. The Conference Board sentiment index fell to 85.0 in October, a two-year low, after diving in September.
Economists are worried about the outlook for the holiday shopping season, when higher heating costs will also bite. In September, retail sales edged up 0.6 percent outside of the auto and gasoline sectors.
* The manufacturing sector powered ahead in September, according to the national ISM index, and for October expectations are for still solid growth. The October report will be released as the FOMC meets on Tuesday morning.
