Third-Quarter GDP Revised Up to 2.1% From 1.5%

MarketWatch (11/24/15) Jeffrey Bartash
The U.S. economy expanded at a faster pace in the third quarter than previously reported. Gross domestic product rose at a 2.1% annualized rate, up from an initial estimate of 1.5%, U.S. Department of Commerce figures showed Tuesday. The upward revision in growth stemmed entirely from a bigger buildup in inventories. The value of newly produced but unsold goods was raised to $90.2 billion from an initial $56.8 billion. Wages and salaries rose by $102.7 billion in the third quarter following a $109.4 billion gain in the April through June period that was almost $62 billion larger than previously estimated.

The Conference Board Consumer Confidence Index Declines Again

Conference Board News Release (11/24/15)
The Conference Board Consumer Confidence Index, which had decreased moderately in October, declined further in November. The index now stands at 90.4, down from 99.1 in October. The Present Situation Index decreased from 114.6 last month to 108.1 in November, while the Expectations Index declined from 88.7 in October to 78.6 in November.
“Consumer confidence retreated in November, following a moderate decrease in October,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “The decline was mainly due to a less favorable view of the job market. Consumers’ appraisal of current business conditions, on the other hand, was mixed. Fewer consumers said conditions had improved, while the proportion saying conditions had deteriorated also declined. Heading into 2016, consumers are cautious about the labor market and expect little change in business conditions.”
Consumers were less upbeat about the current state of the job market. Those stating jobs are “plentiful” decreased from 22.7% to 19.9%, while those claiming jobs are “hard to get” increased from 24.6% to 26.2%.