Featured Chart for Friday, November 8th – Mortgage Market Guide (www.VantageProduction.com)
The first of three readings on 3rd Quarter Gross Domestic Product showed that the US economy expanded by 2.8%, up from the 2nd quarter reading of 2.5% and well above the 1.9% expected. The rise was due in part to a buildup in inventories, a pickup in trade and increased spending by state and local governments.
However, within the report, consumer spending, the main driver of the US economy, fell to a paltry 1.5% from 1.8%, the slowest rate in three years.
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