From Mitsubishi Financial’s Ellen Zenter the bottom line from this morning’s mediocre GDP report is this:Markets were disappointed with the GDP report, though we stress that
nothing in the revisions causes the outlook for Q4 to change, where we
believe the economy grew at a rate of +3.5 per cent. Holiday sales
continue to surprise to the upside, tax clarification from the government
has lifted business and consumer sentiment late in the year, and Q3?s
disappointing revision does nothing to stymie the improved momentum that
has taken hold going into 2011.
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