Good Tidings for 2006
U.S. data released in late March and early April largely confirm that the economy will post a solid first quarter. Gross domestic product should be spurred by a big first-quarter growth clip for real consumption that we at Action Economics peg at 5% to 5.5%. Solid nominal (i.e., unadjusted for inflation) sales -- led by soaring net worth, rising confidence, a falling savings rate, and high energy prices -- will drive increases in investment, income, and employment.
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