Despite disappointing economic data the major averages enter the final hour with large gains.
Productivity advanced a respectable 2.2% annualized in the 3rd quarter. Unit labor costs increased 1.2% annualized, compensation advanced 3.5%. Decent numbers to be sure but productivity remains a shadow of its former self in the post crisis period since 2007.
The Institute of Supply Manufactures Manufacturing Index slipped 2.1 points to a still strong 57.7 in October. The details were unremarkable, price data increased.
Construction spending missed expectations in September unchanged. Public construction fell .9% negating the .6% gain in residential construction. This series has been weak for 4 months as higher interest rates bite.
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