December 21, 2017
A busy day for economic data is led by weekly jobless claims where, despite slight increases, levels remain low and point once again to strength for the monthly employment report. The third estimate for third quarter GDP is 3.2 percent which followed a 3.1 percent rate in the second quarter and precedes what looks to be another 3 percent showing for the fourth quarter. The national activity index confirms this outlook with unusual strength during November and October.
Markets were quiet with the Dow up 0.2 percent to 24,782 and the bond market, after a couple of days of heavy selling, holding steady with the 10-year Treasury yield at 2.48 percent.