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Saturday, September 10, 2011

Wells Fargo's Weekly Economic & Financial Commentary- September 9, 2011

- While it was a fairly light week for economic data, speeches by President Barack Obama and Fed Chairman Ben Bernanke dominated headlines.

. The President outlined a plan that calls for payroll tax cuts and spending initiatives.

. Although the proposal could boost growth somewhat, we do not believe it fully addresses the core issues of weak consumer demand and structural unemployment.

. Fed Chairman Ben Bernanke’s speech offered no new surprises, which puts greater weight on the two-day FOMC meeting scheduled in September.

- Economic data released during the week came in better than expected.

. The ISM non-manufacturing survey rose to a 53.1 in August from 52.7 in July.

. Driven by a surge in exports, the trade deficit narrowed sharply in July, falling from $51.5 billion in June to $44.8 billion.

- We continue to look for real GDP to increase at a 2.0 percent annual pace in the third quarter.

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