Nov. 5 - S&P's Senior Economist Beth Ann Bovino notes that the ADP private payrolls report was a bit weaker than expectations, increasing risks of another dreary employment report on Friday.
However, markets largely ignored that and other economic reports this week, as they waited for news from the Fed. The Fed didn’t disappoint. Other data suggest continued momentum into the fourth quarter. Light vehicle sales rebounded 13% to a 10.4 million pace in October, and a surprise, given markets worried that sales would see a big pullback after then cash for clunkers binge. It adds support to consumer spending this quarter.
