Highest PCE price inflation since 1990 erodes income growth. But consumer spending charges ahead. Consumer sentiment improves from mid-November, but still shows consumers worried about inflation. Initial jobless claims drop to lowest level since 1969. New home sales up slightly. Low inventory keeps pushing prices up. Durable goods orders decline, largely due to aircraft. Y/Y momentum still shows strong capex demand. The economic expansion broadens across states. Q3 real GDP revised up. Profits increase.
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