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mpc: 11 Estimated US GDP growth had been revised up by 0.1 percentage points to 1% in 2004 Q3. The dip in growth discussed in the summer and autumn looked less apparent now. The Q4 indicators seem to point to continued strong household spending. Industrial production had risen strongly in October, and the Institute for Supply Management (ISM) surveys for both manufacturing and non- manufacturing had risen in November. The November non-farm payrolls data had been weaker than the market had expected, but had followed a strong increase in October. Overall, the US economy appeared to be growing in line with the November Inflation Report central projection.