Yesterday afternoon the US growth figure disappointed the markets as it came in below forecast rising 1.5% in the last three months. The decline from 3.9% was due to companies clearing out inventory (stock etc) which showed it's biggest swing since 2011.
Had it not been for the inventory impact the world’s largest economy would have grown 3 percent which would have been viewed as an extremely good figure.
A positive spin was put on the figure as the government’s tally of gross domestic product showed buoyant consumer and business spending.
Household purchases, buoyed by job and income gains, will probably remain a mainstay of the economy even as weaker sales to overseas customers hold back exports and manufacturing. The quick re-balancing of stockpiles, which brings them more in line with demand heading into the holiday season, indicates factory production will soon stabilize, eliminating a source of weakness.
We did also have the weekly unemployment figure which came out positively but was out was largely overshadowed by the GDP data.
12:30 - USD - employment cost index is forecast to rise
Daily Market Report - 30/10/2015