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Saturday, December 24, 2011

Wells Fargo's Weekly Economic & Financial Commentary- December 23, 2011

- GDP growth for the third quarter was revised downward to 1.8 percent from 2.0 percent, but based on this week’s data we have raised our outlook for 2011 growth to 3.7 percent from 3.5 percent.

- Personal income rose 0.1 percent in November, while real personal income increased 0.2 percent, indicating that consumer prices continue to ease.

- New home construction grew 9.3 percent in November, but we do not expect this pace to continue as unusually warm weather likely contributed to the gain.

- New home sales grew 4.0 percent in November, with distressed transactions accounting for 29 percent of sales.

- Durable goods orders rose 3.8 percent in November, driven by a 73.3 percent spike in civilian aircraft orders.

. Excluding the volatile transportation component, orders rose a more modest 0.3 percent.

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