[Ed. note: Wait till next ‘recovery summer’…]
U.S. manufacturing output barely rose in September and contracts to buy previously owned homes recorded their largest drop in nearly 3-1/2 years, the latest signs the economy’s momentum ebbed as the third quarter ended.
The reports on Monday showed economic activity was on weak footing even before a 16-day partial shutdown of the U.S. federal government early in October that is expected to weigh on fourth quarter growth.
“The economy seems to be losing steam as higher mortgage rates have hit the housing market and destructive government policy will likely bash the rest of the economy,” said Joel Naroff, chief economist at Naroff Economic Advisers in Holland, Pennsylvania.
Manufacturing production edged up 0.1 percent last month after advancing 0.5 percent in August, the Federal Reserve said.