This just doesn't sound like a 5.4% growth rate economy
While Q3 GDP could print between a solid 3-5%+ based on the various estimates out there, the economic comments from the different districts sound nothing of the sort.
Boston: “Both business activity and employment expanded only slightly.”
NY: “Regional economic activity weakened modestly.”
Philly: “Business activity continued to decline slightly during the current Beige Book period.”
Cleveland: “Economic activity in the 4th District was little changed in recent weeks.”
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