Top-of-mind economic news as we start the week:
— The U.S economy grew a strong 4.9% in the 3rd quarter, the fastest pace since 4th quarter 2021, despite higher interest rates and inflation.
— Sales of new U.S. home sales rose 12.3% in Sept. while prices are down 12% from a year ago; lack of existing home inventory is driving interest in new homes.
— U.S. inflation as measured by the Fed’s key gauge rose 0.3% in Sept. and is running 3.7% annualized; consumer spending topped estimates.
— The European Central Bank left its key interest rate unchanged (after 10 straight increases in past year), with inflation at roughly 4%.
— Renewable energy will provide half of the world’s electricity by 2030, per the Int’l Energy Agency, but that will not be enough to stop global warming.
