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Recent Economic Developments

Strong Economic Growth Continues

Recent Economic Developments

Strong Economic Growth Continues

Despite the effects of hurricanes Katrina and Rita the U.S. economy continues to grow at a robust pace. Preliminary third quarter GDP numbers show output increased at an annual rate of 3.8 percent, with employment also climbing steadily. The main area of concern remains energy prices, especially as we approach the winter heating season, and a drift upward of the rate of inflation. A decline in consumer confidence that came on the heels of the Gulf Coast disaster also concerns some economists.

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