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Friday, August 12, 2011

Wells Fargo's Weekly Economic & Financial Commentary- August 12, 2011

- This week has been the stock market’s second most volatile week in the period going back to WWII.

- The number of people filing claims for unemployment insurance broke through the key 400,000 level, a level which allows the economy to add jobs at a fast enough rate to bring down the unemployment rate.

- Retail sales grew 8.2 percent year-over-year in July, suggesting a better finish to the second quarter and more resilience on the part of U.S. consumers.

- Housing starts jumped in June by 14.6 percent, led by a 30.4 percent increase in multifamily starts.

. We expect an average of around 620,000 new housing starts through the end of the year.

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