Saturday, December 23, 2006

Economic Week in Review

Reports released during the week indicated that the U.S. economy grew slower during the third quarter (2.0%) than previously reported (2.2%) for real GDP growth. The Producer Price Index (PPI)—a closely watched indicator of wholesale prices—rose sharply, primarily as a result of higher energy costs. However, overall inflation was unchanged in November. In other reports, the index of leading economic indicators increased, the struggling housing industry received a welcome bit of good news, and orders for durable goods grew. For the week, the S&P 500 Index fell 1.1% to 1,411. The yield of the 10-year U.S. Treasury note rose 2 basis points to 4.62%, and the 30-year mortgage rate rose 3 basis points to 5.68%. For the week, the dollar was up slightly vs. the Yen, and down slightly vs. the pound and euro.

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