No. 490: November Durable Goods, Housing Starts, GDP Revision

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• GDP Upside Revision Was In Health Care (and Bad Deflation of Same)
• GDI (GDP Equivalent) Annualized Third-Quarter Gain of 1.36%, Followed Annualized Second-Quarter Contraction of 0.72%
• Weaker November Housing Starts Reflected Mixed Storm Effects, But Sharp Downside Revisions Were Pre-Hurricane
• Fed’s Inflation Target Is Just In-House Wishful Guessing
• Despite Boost from Hurricane, Durable Goods Orders Remained in Recession

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