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Gasoline demand, Durable goods shipments, Pending home sales, Soybean exports

Summary:
Miles driven had been rising. Fuel efficiency is part of this decline but probably more to it: From yesterday’s durable goods report. GDP is about shipments: As per the chart, this series is not doing well: A surge in soybean exports likely helped to shrink the trade deficit in the third quarter. As a result, economists expect that trade contributed a full percentage point to GDP growth in the third quarter after adding a mere 0.18 percentage point in the April-June quarter. There are concerns that the soybean-driven export growth spurt could reverse in the fourth quarter.

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Miles driven had been rising. Fuel efficiency is part of this decline but probably more to it:

Gasoline demand, Durable goods shipments, Pending home sales, Soybean exports
From yesterday’s durable goods report. GDP is about shipments:

Gasoline demand, Durable goods shipments, Pending home sales, Soybean exports
As per the chart, this series is not doing well:

Gasoline demand, Durable goods shipments, Pending home sales, Soybean exports

Gasoline demand, Durable goods shipments, Pending home sales, Soybean exports

A surge in soybean exports likely helped to shrink the trade deficit in the third quarter. As a result, economists expect that trade contributed a full percentage point to GDP growth in the third quarter after adding a mere 0.18 percentage point in the April-June quarter. There are concerns that the soybean-driven export growth spurt could reverse in the fourth quarter.

WARREN MOSLER
Warren Mosler is an American economist and theorist, and one of the leading voices in the field of Modern Monetary Theory (MMT). Presently, Warren resides on St. Croix, in the US Virgin Islands, where he owns and operates Valance Co., Inc.

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