Scoreboard: Good growth, big falls

Strong US growth failed to impress investors, while the ECB delivered an unexpected rate cut, making for confusing moves on the markets.

US growth was quite a bit stronger than forecast, coming in at 2.8 per cent for the third quarter when 2 per cent was expected. This is good growth, above the 2.5 per cent that we saw in the second quarter and nearly half a percentage point above trend. Predictably nearly all the commentary I’ve read on the figure has been negative, but luckily, that’s as wrong now as it has been in the past.

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