After a long month- long respite in September, the economic data is once again beating expectations in October, returning to the pattern seen in June, July, and August, when nearly 70% of economic reports beat expectations. This past week, only the early October University of Michigan consumer sentiment report failed to match what are now raised expectations for the economy.
This week, the economic data calendar is dominated by housing, with reports on homebuilder sentiment for October, housing starts, building permits, existing home sales for September, and housing prices for August. The Federal Reserve (The Fed) also releases its "Beige Book" – a qualitative assessment of the economy in the 12 Federal Reserve districts – ahead of the November 4 Federal Open Market Committee (FOMC) meeting. The FOMC is the policymaking arm of the Fed.
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