Here Comes Santa Claus!

First a little bad news: the government revised the third quarter GDP downward from 3.5% growth to 2.2% growth. Notice that it was still growth, and remember that in the second quarter we had negative 0.7% GDP. I believe we will have higher GDP growth reported for the fourth quarter. We have already seen the number of new people losing jobs diminish. Unemployment overall seems to be decreasing. Yesterday it was reported by the Bureau of Labor Statistics that the number of temporary workers being hired has surged. Last month, 52,000 temps were added, greater than the number of jobs created in any other category. This is usually a precursor to full-time hires. These jobs also take people off unemployment. Finally, it was reported today that in November previously-owned home sales rose to 7.4%. At this rate of sales, the country has a supply of about 6.5 months. Yes, the prices have dropped again but by the smallest amount in two years. Overall, the economy seems to be moving upwards. The loss of this past Saturday as a shopping day along the east coast is meaningful, but it may be made up in the aftermath, as consumers are buying. As we head into the end of the year and look to next year, the news seems to be getting brighter. Ed