) a subpoena related to a potential antitrust investigation. We speculated that a leak of that information might have caused Tuesday's selloff. On Wednesday after the close, Nvidia denied that it had received a DOJ subpoena. Go figure.
Yesterday's economic data were consistent with our short-term thesis and our long-term scenario . Initialand layoffs remain low. Productivity growth was revised up, while unit labor costs inflation was revised down. August's NM-PMI confirms that the services economy is growing.. Jobless claims are rolling over as bad weather in July and summer layoffs fade. Initial claims fell 4,000 to 227,000 in the week ended August 31 . Continuing claims dropped 30,000 to 1.838mm..
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