The economic outlook continued to brighten during the two weeks under review (October 20-November 1).  By far the most optimistic indicator was the 7.2 % expansion seen the US economy during the third quarter, the biggest quarterly rise for nearly 20 years. Further encouragement arrived in the form of the 0.7% rise seen in US manufacturing in September and the increases in both the October durable goods order book and the closely-watched Chicago Purchasing Managers Index.  US interest rates remained unchanged and it was confirmed that they will stay low for some time. Inflation remained under control and the base for economic growth remains intact.

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