GDP

Composite Activity rose ~0.1σ to +1.07σ since July 6 — retail sales and regional Fed surveys drove it.

After taking into account data revisions and the Q3 GDP release, productivity growth is running stronger in the post-pandemic period, at about a 2% annualized pace. This stands in contrast to the sluggish ~1.4% pace observed in the pre-pandemic period. We've been productivity optimists for