The Chicago Fed national activity index rose to negative 0.08 in October from negative 0.23 in September as factory production, housing, consumer spending, and business orders improved; employment was neutral. The October reading shows U.S. economic growth is running below its potential. The three-month moving average, fell to negative 0.27 in October from a revised negative 0.20 in September. The Chicago Fed index is a weighted average of 85 different economic indicators, designed so that zero represents trend growth. Athree-month average below negative 0.70 means a recession probably has begun.
Crude Oil futures rallied after Russian President Vladimir Putin said the country would freeze its oil output, and on discussions ahead of this month’s meeting of OPEC. December crude is up 2.7% to $46.93 a barrel on the New York Merc.
Former Massachusetts Gov. Mitt Romney is under “active consideration” to be secretary of state in the Trump administration, Vice President-Elect Mike Pence said Sunday, a day after Romney met with President-elect Donald Trump.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
