well we had some good news on gdp the first positive growth this year but it may not last because the underlying components are a little weaker than expected two point six percent annual rate of growth in the third quarter thats up from a zero point six percent in the second quarter and a negative one point six percent in the first quarter consumer spending dropped off up one point four percent that was down business investment a little stronger but a big drop in structures building held that back the change in inventories was lower that does subtract from gdp but net exports is lower the trade deficit got much narrower during the month exports went up imports went down and that means that overall that adds to growth so what is the data telling us consumer spending weaker business spending held up trade added two point seventy seven percent to gdp on a two point six percent gdp overall inventory subtracted seven tenths of a percent real final sales a half of what they were in the second quarter goods versus services shows that essentially we are recovering from the pandemic because good spending is starting to go down services spending is starting to go up and john you mentioned some of the other areas of the economy weve got numbers on today that tell us something about whats going forward durable goods orders on a headline basis ok but core capital goods orders basically business spending down seven tenths in september the last month of the quarter and that suggests that business spending which is one of the routes slightly bright spots in this gdp report is going to slow down now the question is what happens to the labor market do we still need all those workers if were not producing as much jobless claims not showing any change in the labor market for right now