Third quarter GDP, the broadest gauge of economic activity, was revised upward to 2.2% today from the initial estimate of 1.6%. That is unambiguously good news for the US economy.  New Home sales in October fell but prices jumped in comparison to September. That may well indicate that the record drop in prices in September was an anomaly. Fed Chairman Bernanke spoke encouragingly about the next several quarters though the tight labor market is of concern.

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