LIA Monthly Economic Report - Worsening Euro-Zone Debt Crisis
By: Dr. Pearl M. Kamer, LIA Chief Economist
The U.S. economy grew more slowly than previously thought in the third quarter of 2011 but appeared to gain momentum toward the end of the year. U.S. GDP grew by only 1.8% during the July-September quarter but may have grown by at least 3.5% in the final quarter of 2011. There was a spate of better-than-expected economic news in November. Unemployment declined in 43 states, durable goods orders rose by 3.8%, the biggest jump since July, holiday spending was relatively strong and there was an unexpected surge in homebuilding. However, better economic news was overshadowed by the worsening euro-zone debt crisis, which threatened to spill over into the global economy.
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