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Saturday, October 29, 2011

Wells Fargo's Weekly Economic & Financial Commentary - October 28, 2011

- Third-quarter GDP rose 2.5 percent, supported primarily by gains in consumer spending and business investment.

. Strong improvement in the consumption of healthcare services boosted consumer spending.

. Business investment rose 13.7 percent, driven by investment in equipment and new facilities.

- Personal incomes grew a slight 0.1 percent in September, with real disposable income declining by 0.1 percent.

. Even with the slow pace of income growth, consumers increased their spending for the month by 0.6 percent.

- Housing data this week continued to reflect the slow pace of recovery for the housing industry. The pace of recovery will continue to vary considerably by region.

- State and local spending cuts continued to detract from economic growth.

- We now expect GDP to grow 1.8 percent for the year, and the stronger end to 2011 means real GDP will likely grow 2.1 percent in 2012.

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