According to the advance estimate, real GDP expanded by 3.5% in the final quarter of 2006, faster than expected (IFR median was 3.1%) and well ahead of whisper numbers calling for something short of 2% due to auto production accounting. So much for that concept, though we think the risk is for GDP to be revised slightly lower in each of the preliminary and final reports.
For now, the growth rate is the best since Q1 (5.6%) and leaving the 2006 growth rate above the economy's long-run potential. That's inflationary though you'd not get that from the price indices.
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