The wealth of data last week did not change the fundamental outlook.

Economic growth for the third quarter was revised upward last week. It was moved up to 2.1% , the same rate of growth reported for the second quarter. The Advance Report had estimated growth at 1.9%. This revised data makes annualized growth in the U.S. 2.3% , which is about the average annual growth since the recession ended in 2010. Personal consumption expenditures remained at a solid 2.9% for the quarter. Inventories were larger than first estimated and added to total growth instead of being a drag, as was reported in the Advance Report. Higher inventories in the third quarter means less production in the fourth. The U.S. economy remains the strongest of any of our trading partners.