On the same morning the newest Euro-can clunked along came news that American third-quarter GDP jumped 2.5 percent -- not far above forecast, but the shape of the gain was a stunning surprise. The strength was in the consumer, a 2.4 percent increase in household spending. Common distortions were absent: no weird upside-downs in trade accounts, and inventories if anything understated gross domestic product. Inflation also waned. The Euro-can got all the ink, but in any cross-weaving flow of economic data, the most important thread is always U.S. data. The report distributed concussions evenly among all of those who had bet on a new recession; and banged an especially embarrassing knot on the head of the respected Economic Cycle Research Institute. The ECRI had never in its histo...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.