The mother lode of data just released suggest the economy is still doing just fine, despite the slowdown in employment growth. Last year’s GDP growth was confirmed as strong in the annual revision, Q2 this year was revised up to 3.8% on the back of a better showing from consumers, while we now think Q3 growth was close to the Q2 pace as, although business equipment investment growth may have been a little weaker than we were hoping for, net external trade made a bigger positive contribution.
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