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Exports surge in October

October exports are old news, but it's nice to see that they rose 3.2% for the month, much more than expected. Exports had slowed down over the summer, and that was potentially worrisome; now we know that it was just temporary. Over the past three months exports are up at a 15.6% annualized rate, and they are up 15% over the past twelve months. Double-digit export growth has resulted in an almost-complete recovery from pre-recession levels. At these growth rates, exports will likely make new highs by the end of this year, and will contribute significantly to Q4 GDP growth.

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