Russell: “This is the January with a thousand opinions. My guess is that the US markets are backing off in order to get a running start on the new year. The new Bloomberg Business Week magazine titles its recent edition, “The Good Business Issue.” The latest Economist magazine, under the category of United States, titles it, “A Happy New Year.” States The Economist, “Growth is likely to be robust in 2015 and will start to benefit ordinary families.”
It continues, “Consumer sentiment has grown jollier in recent months — as jolly as it has been since before the recession, according to the University of Michigan. For several reasons, the good mood is likely to last into 2015. One is the composition of recent growth: it is the result of solid household spending, the most important component of demand. It grew at a 3.2% annual rate for the third quarter, and may grow 4% or more in the current quarter, reckons Morgan Stanley, a bank.”
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