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Permits still lower than in early 2025; a further drop beckons.
Trade's contribution to Q4 GDP growth probably significant but not enormous.
Consumption strong through November, but on shaky foundations.
Manufacturing is surviving rather than thriving.
Lackluster, but not alarming enough for a January easing.
Core goods inflation likely to retreat in H1 2026.
Weak jobs market continues to depress consumers.
Dip in mortgage rates providing only a small tailwind.
Reliability questionable, but grim reading nonetheless.
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