US: Looking good going into the holiday season – Wells Fargo

The US economy looks like it has strong momentum going into the holiday season and consumers, retailers and businesses should all be in a fairly festive mood this year, suggests the research team at Wells Fargo.

Key Quotes

“This week’s limited schedule of economic reports included just four major indicators: existing home sales, advance durable goods orders, weekly unemployment claims and the University of Michigan’s Index of Consumer Sentiment.  All of the reports are consistent with the economy throttling back a bit from the 3 percent plus pace averaged during the prior two quarters. In fact, revisions to previously published data suggest that third quarter real GDP growth will be revised higher to 3.2 percent.”