It was a drab week overall for the economy last week. The data on housing and industrial production for October failed to meet expectations while the three reports for November – jobless claims, Empire State Manufacturing and Philly Fed manufacturing index – came in at or above expectations. The October retail sales and leading indicator data for October was roughly in line with expectations. Taken together, the data released last week does not change our view that the economy will post a 3.0% growth rate in Q4 2009 and will deliver above consensus growth in 2010.

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