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Saturday, January 28, 2012

Wells Fargo's Weekly Economic & Financial Commentary- January 27, 2012

- Real GDP grew at a 2.8 percent annualized rate during the fourth quarter, as growth was helped by a $58 billion swing in inventory building which accounted for 1.9 percentage points of the quarter’s growth.

- Real personal consumption rose at a 2.0 percent annual rate, reflecting a 14.8 percent surge in durable goods purchases and a more modest 1.7 percent rise in nondurable goods.

. The two percent rise in personal consumption outpaced income growth during the quarter, indicating that consumers will likely take a breather during the first part of 2012.

- New home sales fell slightly during December to a 307,000-unit seasonally adjusted annual rate, as sales have remained near current levels for the past 18 months.

- Our forecast currently projects that real GDP will grow between 1.5 and 2.0 percent during the first half of 2012, and average just under a 2.0 percent pace for the year.

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