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Exports have been very strong

July export data show that exports of U.S. goods have surged fully 30% since their recession low of April 2009. As of July, goods exports were only 10% below their record high, set exactly two years ago. This is not yet a complete recovery, but it's an impressive recovery nonetheless. The July data on container shipments out of Los Angeles and Long Beach suggest perhaps some moderation in the rate of growth, but these numbers are way too noisy to draw any strong conclusions.

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