Ian Morris of HSBC says the data suggests that
"Q3 consumption is on track for -3% and Q4 about zero." In addition,
taken with the just eleased New York Empire index (-24.62 in Oct vs
-7.41 in Sept and "partially a result of inventory collapse"), the data
hint at "both a decline in final demand (via consumption) and
inventories) (with for a time looked like might boost Q3 GDP),
suggesting Q3 GDP will be negative," Morris says.