In other news, the economy grew at an annualized rate of 1.9 percent during the third quarter according to the Commerce Department's initial estimates. Consumer spending (hello trade deficit) is still keeping the economy afloat while business investment dropped by 3 percent.
Meanwhile, British researchers say the British economy will shrink by 3.5 percent or £70 billion ($90 billion) under Boris Johnson's Brexit deal. That's 3.5 percent smaller than if Britain simply remained in the European Union. The British economy is already 2.5 percent smaller than it was in 2016 because of the referendum, they say.
Finally, manufacturing is now the smallest share of the economy than it has been in over 70 years.
Manufacturing made up 11% of gross domestic product in the second quarter, the smallest share in data going back to 1947 and down from 11.1% in the prior period, a Commerce Department report showed Tuesday. Figures before 2005 were for full years only.
The latest number compares with 13.4% for real estate, 12.8% for professional and business services and 12.3% for governments, according to the figures on GDP by industry.
Once a powerhouse of the U.S. economy, making up about a quarter of GDP in the 1960s, the manufacturing sector has steadily declined in importance. Trump promised to deliver “victory” to factory workers by bringing production jobs back to the U.S.
Programming note... tomorrow is Halloween. I'm going out for lunch with family and then to see a movie tomorrow night. I'll see you here on Friday.
— Jimmy Kimmel (@jimmykimmel) October 29, 2019