Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Thursday, October 26th I'm your host Kim Khan. Our top story so far.

What recession? Third quarter growth in the US came in sharply higher for the previous

quarter and well above expectations. That had investors

warming up to the potential of a soft landing. Q3 GDP rose at an annual rate of

4.9%, higher than the 4.2% expected, and powering up from the 2.1% advance in Q2.

It was the strongest quarter since Q4 2021.

I.N.G called it stellar growth driven by consumer and government spending.

They note that household spending grew 4% with expenditure on durable goods looking particularly

strong at 7.6%. Services were softer at 3.6%, but there is still broad

strength here with Taylor Swift, Beyonce, and Barbie all playing their part,

selling out venues, boosting a hotel occupancy, and restaurant and bar spending wherever

they went.

September durable goods orders also trounced expectations, with a headline up 4.7 percent

versus forecasts for a rise of just 1.7%.

Pantheon macros Ian Shepardson says the Durables leap is largely due to the 131%

surge in civilian aircraft orders.

In particular, reflecting huge order for Boeing

aircraft by Ryanair. But with X Transport and Corax aircraft also beating estimates, the big

picture is that the normalization in orders after they collapse during COVID is largely complete.

The boom times are likely to last though.

ING says real household disposable income is flatlining, savings are being run down, and

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