Economic indicators

Gross domestic product surged in the third quarter's first read, but analysts suggest the rising number of coronavirus cases bodes ill for fourth quarter growth.

Consumers cut back on purchasing plans, suggesting they see a tough fourth quarter, economists said.

The economic news was mixed again Monday, with home sales unexpectedly dipping, while two reads of manufacturing showed expansion continued, but one suggested a slower rate of growth.

Jobless claims fell to below 800,000, existing home sales soared, leading indicators rose more than expected and the Kansas City Fed manufacturing index also climbed in the latest reading.

Housing starts and building permits both rose in September, as the housing market remains the "best part of the U.S. economy."

Despite "robust" progress, it will take "some time" for the economy to return to pre-pandemic levels, according to Fed Vice Chair Richard Clarida.

The economic news Friday was mostly positive, with consumers spending on clothes, cars and eating out, while manufacturing continues to suffer.

Initial jobless claims rose in the latest week, while the Empire State manufacturing index slipped, and the Philadelphia Fed's rose.

Although progress has been made, a full economic rebound from the COVID-19 pandemic won't come soon, Federal Reserve Vice Chair Richard Clarida said.

The consumer price index has been rising for four months but at a slower pace, as the cost of food remains "elevated."