Summary: * We got a lot of economic data released today, most of it bad, and most of it worse than expected * What I did not expect was that the market shrugged it off * Initially, there was a little reaction; gold jumped $3 but it never gained momentum and it rolled over to -$10 at the time of this recording * The dollar index, which had moved into negative territory immediately following the release, quickly recovered back to positive territory * It's still early in the day, as I'm recording, so this could change as some of this economic data has a chance to sink in * I noticed that the Atlanta Fed just reduced its Q3 GDP estimate from 3.3 to 3% * That' the second reduction in a row * This is the lowest estimate the Atlanta Fed has had in about 2 months, although it is still pretty high * Let's go over the data we got today: * Retail Sales was one of the more significant numbers; everybody looks to retail sales to judge the health of the consumer * Last month's number, relatively weak, it was flat, and they were looking for another flat month, but we were -.3% for August * It gets worse from there - less autos, they revised the prior month from -.3 to -.4 and in August they were looking for +.3, they got -.1 * Less autos and gasoline, we were down last month .1%; they were looking for +.4% and we're down another .1%
