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Factories should hum in '05, '06
The Manufacturers Alliance/MAPI said 24 of 27 industries reported improved activity from a year ago, the same number as in Q2. 18 are enjoying faster growth. The industrial recovery should last through '06, says MAPI. Double-digit gains are seen for mining, oil & gas field machinery, communications gear, computers and metalworking machinery.
GSEs can raise mortgage ceiling
The average U.S. home price in Oct. rose 8.5% vs. a year ago to $264,540. That paves the way for government-sponsored enterprises Fannie Mae and Freddie Mac to buy loans of up to $359,500, up from a current limit of $333,700. That means home buyers could borrow up to that amount at interest rates about a half-point lower than for bigger mortgages.
** The OECD sees the U.S. economy growing 3.3% in '05, down from a 3.7% estimate in May. It says high energy prices will act as a drag for the next few quarters. OECD expects 3.6% U.S. growth in '06.
** Japan's industrial output in Oct. unexpectedly fell 1.6% from Sept. amid a buildup in ...