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Friday, July 29, 2011

Wells Fargo's Weekly Economic Financial Commentary - July 29, 2011

- The U.S. economy grew a sluggish 1.3 percent during the second quarter of 2011, after expanding only 0.4 percent in the first quarter.

. Personal consumption expenditures rose just 0.1 percent, the lowest since the second quarter of 2009 in the midst of the recession, suggesting that higher prices continued to weigh on consumers.

. Gross private investment climbed 7.1 percent due to improved nonresidential investment, while continued budget cuts at the state and local levels resulted in a 3.4 percent decline in government spending during the quarter.

- Factory orders fell 2.1 percent in June on news that nondefense aircraft and motor vehicles and parts orders fell on the month.

- Consumer confidence rose unexpectedly in July to a reading of 59.9 and is up 16.7 percent year-over-year.

- Given the weakness observed in the first half of the year, we continue to forecast subpar economic growth with a slight improvement during the second half of the year.

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