Introduction
In September, I wrote that the first reports issued, construction spending and the ISM manufacturing index, showed two contrasting views of the economy. That was again the case last month, and again the case this month. Motor vehicle sales for October have also been released, and because housing and vehicles have been the first two components of the economy in the past 50 years to turn, per the work of Prof. Edward Leamer, looking at those is also helpful.
Housing (residential construction spending)
Residential construction spending is valuable because it is the least volatile