January 15, 2007

THEY CLOSED HOOVERVILLE AND PUT UP A SHOPPING MALL:

Economists upgrade US outlook after surprisingly strong data (AFP, Jan 14, 2007)

Economists are hastily upgrading their forecasts for the US economy after a series of surprisingly strong reports suggesting the so-called "soft landing" may be over and growth is accelerating. [...]

The latest data defy predictions that the slump in real estate would filter into other areas of the economy, notably consumer spending.

The latest data showed US employers added a healthy 167,000 new jobs in December, with unemployment holding at a low 4.5 percent. Average wages were up 4.2 percent annually.

A separate report Friday showed US retail sales increased 0.9 percent in December.

Posted by Orrin Judd at January 15, 2007 10:18 AM
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