Financial markets took a breather last week after enduring one of the worst weeks for economic data (relative to raised expectations) in many months. Reports on durable goods orders, home sales, leading indicators and consumer sentiment data all came in at or below expectations. Overlooked in the week, may have been the better news on the labor market in September, as jobless claims fell again and the employment components of both Richmond and Kansas City Reserve surveys indicating that the labor market continued to improve in September.

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