Today's U.S. reports
Today's U.S. reports revealed mix headlines that were strong on net, and analysts lifted our November nonfarm payroll estimate to 190k from 170k and our Q1 GDP estimate to 2.0% from 1.8%, though analysts now expect a smaller Q3 GDP boost to 3.0% (was 3.1%) from 2.9%. Analysts saw a 4.8% October durable orders surge that included a solid 1.0% ex-transportation rise and solid equipment figures, though inventories were lean. Analysts saw 1.9% October new home sales drop to a lean 563k clip after big downward revisions, though analysts still expect a winter bounce with mild weather. Analysts saw an 18k initial claims bounce to a still-lean 251k in the third week of November from the 43-year low of 233k (was 235k) in the BLS survey week. Analysts also saw a big Michigan sentiment election-boost to 93.8 from a 91.6 preliminary reading, alongside a 0.6% September FHFA home price rise.