Consumer Discretionary Indicators Point to Slowdown
U.S. GDP was revised higher in the third quarter to 2.7 percent from an initial estimate of 2.0 percent. While the headline number appears positive on the surface, the strong increase was driven in large part by a near doubling in the level of private inventories. Increased inventory stockpiling in this case is probably a function of unwanted merchandise as consumer stress mounts.
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