U.S. Economic News

October 26, 2018

U.S. Economic Indicators

The first estimate of Q3 GDP indicates that the U.S. economy expanded at an annualized rate of 3.5%, slightly above the consensus estimate of 3.4%. The reading reflects healthy consumer spending, government spending, and private inventories. BEA Report
The University of Michigan Consumer Sentiment Index fell 1.5 points to 98.6 in the final October reading, and is down 2.1 points on the year.
The Index of Consumer Expectations edged down 1.2 points to 89.3, while the Current Economic Conditions Index dropped 2.1 points to 113.1. Report

U.S. News

Melissa Korn of the Wall Street Journal writes that on average, 43% of college graduates end up with first jobs that do not require a college degree. Data also show that of those who are underemployed in their first job out of college, about two-thirds remain in jobs that don’t require college degrees five years later. WSJ

Minneapolis Fed President Neel Kashkari writes in a Wall Street Journal op-ed that the Fed should pause their interest rates hikes in order to allow wages to grow more quickly. Kashkari also contends that a pause in interest rate hikes would allow the FOMC to see how much slack remains in the labor market. WSJ

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