Research.LeutholdGroup

Real GDP in Q4 was not too robust, but the numbers will likely be revised upward.

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Another confirmation of the strength of the recovery.

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Consumer should not be underestimated. Combined mortgage debt and household debt only 14%, just barely above the 1980-to-date median.

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With only a slight hesitation, consumer spending continued to increase month after month during the 2001 recession, ignoring the layoffs and the slide in the consumer confidence measures.

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