MarketWatch (09/15/13) Jeffry Bartash

Numerous economists thought the U.S. economy would pick up in the third quarter because of faster job growth, wage increases, robust home sales, and an improved manufacturing sector, but that didn’t happen. Rather, hiring slowed and consumers cut back on their spending, which likely will mean slower growth in the third quarter.

Still, the New York and Philadelphia Federal Reserve Bank manufacturing indexes—both to be released this week—are likely to show improvement in the manufacturing sector. Furthermore, the unemployment rate is declining and an updated U.S. Federal Reserve forecast likely will project faster growth next year.