Outlook and Market Review - Third Quarter 2014

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Third quarter GDP growth was revised upward to 3.9% by the Bureau of Economic Analysis following a very strong 4.6% growth rate in the second quarter. Strong preliminary sales data, lower gas prices, and an uptick in personal income in the early stages of the fourth quarter suggest good (but not great) growth of about 3%. Growth of about 3% in the fourth quarter, following strong second and third quarter growth, and a dismal contraction in the first quarter should result in annual growth of about 2.25% for the year.