My speech today will from time to time refer to this report, in particular the October 2010 Outlook Report. A. Economic activity  Real GDP growth for the July-September quarter of 2010 was relatively strong. Recent developments in production, however, indicate that the economic recovery seems to be pausing.
The pause in the recovery can be attributed to various factors, including a decrease in demand following the last-minute rise in demand ahead of the expiration of subsidies for purchasers of environmentally friendly cars and the boost from the extremely hot weather, the deceleration in overseas economies, and inventory adjustments in IT-related goods.