On this episode of the Morning Update, WFEA host Jeff Chidester sits down with nationally recognized economist Dr. E.J. Antoni for a deep-dive analysis of the U.S. economy right as voters head into next week’s general election.
Breaking down the latest data, Antoni highlights the Atlanta Fed’s final Q3 GDP forecast, which ticked down to 3.27%—marking a cycle low ahead of the Bureau of Economic Analysis’s initial estimate.
The conversation also explores regional job trends, noting that over the 12 months ending in September, unemployment rates fell in 58.4% of metropolitan areas while rising in 35.7%, with the greater Washington, D.C. area standing out as one of the few metros experiencing annual job losses.
Shifting to national metrics, Antoni addresses the staggering milestone of the national debt reaching $40.5 trillion, and the massive interest on that debt.
On the consumer front, he examines a sharp jump in October consumer confidence—reaching its highest level since June as easing gas prices and inflation expectations buoyed both the present situation and sentiment indexes, with Republicans and Gen Z notably leading the rebound and driving the expectations index higher.
Finally, the discussion covers robust manufacturing figures: new orders for durable goods rose 1.8% month-over-month in September and surged 10.0% year-over-year, while core orders marked their 18th consecutive monthly increase.
