Economic data released this week presented a mixed picture. The U.S. economy grew at an annualized rate of 5.2% in the third quarter, revised up from the initial estimate of 4.9%, with the upward revisions driven by business investment and government spending.
The highly anticipated Consumer Price Index (CPI) inflation report for October was released on Tuesday, coming in slightly lower than expected with no change month-over-month and an increase of 3.2% on a year-over-year basis. Headline CPI was reined in by falling gasoline prices in the month.
Recent economic data continues to suggest positive but below trend growth this year. Labor markets remain solid, and the U.S. consumer has demonstrated resiliency.
