Last Week’s busy slate of economic data and events supported our view that the U.S. economy will post a 3.0 to 3.5% growth rate (as measured by real Gross Domestic Product) in Q4 2009, and that growth will continue at or above that pace over the first part of 2010. There were certainly some disappointing data points last week, among them:
* The below 50 reading on the Institute of Supply Managment’s service sector index for November.
* The weaker than expected chain store sales data for November.
* A further drop in consumer confidence in early December.
* The sharp downward revisions to construction activity in August and September suggest that Q3 GDP will be revised down further.
However, there was better than expected news last week………
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