GDP Forecast, 4Q17 -- GDP Now -- Now At 3.3% -- December 16, 2017

Latest forecast: 3.3 percent — December 14, 2017

The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2017 is 3.3 percent on December 14, up from 2.9 percent on December 8.

The forecast of fourth-quarter real consumer spending growth increased from 2.5 percent to 3.2 percent after yesterday's Consumer Price Index report from the U.S. Bureau of Labor Statistics and this morning's retail sales release from the U.S. Census Bureau.

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Best Christmas Present So Far

We opened some huge boxes that contained a lot of little boxes. Our middle granddaughter suggested we do something creative with all the boxes. My suggestion: play "charades" with the boxes. One stacks the boxes in different configurations and others guess what the stack represents. The "Sears Tower" was the best; reached from the floor to the high ceiling.

Our son-in-law was a US Navy submarine officer for many years, so the next idea was a no-brainer. Later we put a periscope up but no photo and by now the boxes are pretty much destroyed from over-use. But on the wood floor, Sophia's submarine could move about 15 knots -- in extremely short spurts. The only thing we needed was a dog chasing the u-boat.

Next year, for her Christmas presents, I'm just going to go down to the neighborhood U-Haul store and buy some oversize boxes for about $1.50/box -- a lot less expensive than actually buying something to put in the boxes.

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The Literature Page

The Bismarck Tribune has a review/recommendation for a Christmas gift: the biography of a North Dakota woman who invented rocket fuel. I wrote about this book back on February 26, 2015. I would rate it as a must-read for anyone interested in North Dakota history, and for those interested in the American rocket program. It really is a good book.