U.S. Economic News
October 30, 2019
U.S. Economic Indicators
The advance estimate of Q3 GDP indicates that the U.S. economy expanded at an annualized rate of 1.9%, above the consensus estimate of 1.7%. Consumer spending, government spending, and residential investment contributed positively, while business investment and net exports dragged on growth. BEA Report
The ADP Employment Report shows that private-sector employment increased by 125,000 jobs in October, in line with expectations. The services sector added 138,000 jobs, however the goods-producing sector lost 13,000 jobs. ADP Report
U.S. News
The Wall Street Journal reports that the U.S. Treasury is considering debuting several potential new debt products, including a 20-year Treasury bond and a new floating-rate note linked to the Fed’s preferred LIBOR replacement, known as the secured overnight financing rate (SOFR). Treasury Secretary Steven Mnuchin stated that the Treasury is also “seriously considering” a 50-year Treasury bond as the administration looks to take advantage of low interest rates to slow rising borrowing costs. WSJ