Surprising Strength in the Recovery, From Bob Doll, vice chairman and chief equity strategist, BlackRock

Economic data continues to show that the recovery is stronger than most had expected, thanks in large part to the massive fiscal and monetary stimulus enacted around the world, which has sparked a recovery in growth even beyond some of the most optimistic projections. When the recovery began, it was driven primarily by a rebound in manufactured goods and inventory levels, and while the manufacturing sector continues to be the source of greatest strength, the economic recovery has broadened to include other sectors as well. Demand among both consumers and companies around the world has been rising, and consumer spending has been stronger than expected (although spending has been coming from savings, rather than from growth in incomes).

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