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Q3 GDP Revised Higher To 3.9%
1The economy grew a bit faster than the 3.7% annual rate first reported. Growth was 3.3% in Q2. Consumer spending grew at a 5.1% pace in Q3, up from the initial 4.7%, the fastest since late '01. Business investment in software and equipment was bumped up to 17.2% from 14.9%. Exports also were revised up. Inventory growth was revised lower. More on this page
Dollar Hits New Low, Rebounds
2The euro rose to $1.3335 early, breaching Friday's record. But it reversed to close up just 0.13 cent to $1.3281. The dollar rose slightly vs. the yen. The 10-year Treasury yield, which has been rising as the weaker dollar suggests fewer foreign buys of Treasuries, climbed 3 basis points to 4.35% after surging 9 basis points on Monday.
Consumers Surprisingly Gloomy
3The Consumer Confidence Index, defying forecasts, sank for a 4th month, falling 2.4 points to 90.5 in November, an 8-month low. The Conference Board's present situation index rose, but the expectations index fell to a 17-month low on jobs concerns. Buying plans for autos and homes hit multi-year lows. More on this page, A2
Holiday Sales Indicators Falter