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Wages, HH Spending (Jan.) & GDP (Rev. Q4 2020)

While the downward revision to Q4 GDP and the sharp fall in “core” household spending in January suggest that the economy faired a little worse than initially reported over the winter, we continue to expect the economy to avoid a contraction this quarter and to rebound strongly later in the year. Meanwhile, wage growth improved sharply in January and should recover into positive territory soon.

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