by Calculated Risk on 11/03/2008 07:57:00 PM

For the late readers, there were a number of news stories / posts today, so here is a summary:

Construction Spending in September: The Census Bureau reported that private non-residential construction increased slightly in September from August, but spending is still below the peak in June 2008. Residential investment decreased in September.

From MarketWatch: U.S. ISM factory index plunges again in October

Credit Crisis Indicators showed some progress, especially the LIBOR and TED spread.

Auto sales were a disaster in October. From Bloomberg: Auto Sales in U.S. Plunge; October Was the Worst Month Since 1945, GM Says. From the WSJ: Auto Makers Post Sharp Drop in U.S. Sales

U.S. auto sales in October plunged an estimated 31% to about 850,000 vehicles ... It was the first time since February 1993 that auto makers sold fewer than 900,000 cars and light trucks in a month. When adjusted for increases in the U.S. population, October was "the worst month in the post-World War II era," Michael DiGiovanni, the top sales analyst at General Motors Corp., said in an conference call. "This is clearly a severe, severe recession." ... Auto executives warned the worst may still lie ahead ...

The Fed reported that lending standards tightened and loan demand declined. See post for graph for commercial real estate (CRE) lending and demand.

And finally, here is my Q3 advance MEW estimate (close to zero).