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Friday, December 09, 2005

Good Economic News You'll Never Hear

The U.S. economy grew faster during the third quarter of 2005 than initially thought. The seasonally adjusted annual growth rate of 4.3 percent was much stronger than the 3.8 percent estimated a month ago, and it marks the tenth consecutive quarter in which real GDP has grown faster than its 20-year average of 3.2 percent. At the same time, inflation gauges were revised slightly lower. The personal consumption expenditure (PCE) price gauge, the inflation yardstick favored by the Federal Reserve, rose only 1.2 percent, a figure lower than previous estimates. Meanwhile, companies in the S&P 500 have reported double-digit increases in corporate profits for a record twelve consecutive quarters. As for the dollar, it has gained 31 percent against the euro and 17 percent against the yen. Read the entirety of Victor Canto's piece.

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