DC Lite #505

1. Q3 GDP (I). "After taking a break earlier in 2025, consumers are spending again. Strong GDP growth in Q3, driven in large part by consumption and exports."

2. Q3 GDP (II). "The main issue in the Q3 data is the strong performance of household consumption against weak real incomes. Ex-transfers, real income is flat over the last two quarters while consumption is expanding 3%. Either income is being underreported or we're seeing an unsustainable drawdown in savings."

3. NER Pulse. "For the four weeks ending Dec. 6, 2025, private employers added an average of 11,500 jobs a week, slowing from an upwardly revised 17,500 the prior week. While job growth slowed, hiring remained in positive territory for a third week."

4. Santa Claus Rally. "The past 20 years were quite bullish for Gold, Silver and Platinum during the Santa Claus Rally. Gold up 95% of years, Gold Miners up 85% of years, Silver up 85% of years, and Platinum up 80% of years."

5. Cyclicals strength. "Broad-based leadership from cyclical sectors has been bullish for stocks. We are seeing that now, with the highest percentage of cyclicals trading above their 50-day relative strength moving averages in over a year."

ICYMI