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V-shaped recovery in manufacturing

The ISM manufacturing survey released today again reinforces the fact that significant portions of the U.S. economy are experiencing a V-shaped recovery. As this chart suggests, we are likely to see real GDP growth of 4% or possibly even more in this first quarter of the new year. I'll stick with my projection of 3-4% real growth on balance for the year. This is undeniably excellent news for the economy.

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