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The economy: Finally, some good news

CRANES clutter the skyline along northern Virginia’s busy thoroughfares. On a Friday evening, holiday shoppers throng Northpark Centre mall in Dallas, Texas, buying Lego and luxury soap as a pianist picks out pop songs. Tables in the better restaurants on the Westside of Los Angeles cannot be booked without Hollywood connections. In places, America shows clear signs of returning to a kind of economic normality.Not long ago, a double-dip into recession seemed possible. On November 22nd, the Bureau of Economic Analysis revised its estimate for GDP growth in the third quarter down, though still to a 2.0% annual rate, from the earlier reported 2.5%. According to another measure of output, gross domestic income, growth was only barely positive in the second and third quarters of the year. Yet an improved outlook for at least the near future is now showing up all over the economic data.America’s trade deficit declined for the third month running in September, thanks to rising exports. Industrial production rose strongly in October. Mortgage delinquencies and foreclosures continue to tick downward. The market for owner-…

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