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 4^th District was little changed in recent weeks.”