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mpc: 7 In the United States, economic growth had continued apace despite the disruption from Hurricanes Katrina and Rita and the monetary tightening by the Federal Reserve. In Q3, quarterly GDP growth had been revised up by 0.2 percentage points to 1.1%. Consumption had grown steadily. Looking ahead to Q4, the surveys of purchasing managers by the Institute for Supply Management (ISM) suggested a slight moderation in GDP growth. Non-farm payrolls had risen in November following hurricane-related weakness in the previous two months. Consumer confidence had also recovered.