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Richmond Fed chief optimistic on growth

(AP) The president of the Federal Reserve Bank of Richmond says recent growth in the U.S. economy is likely to continue. Jeffrey Lacker provided an economic outlook to a joint Virginia Bankers Association and Virginia Chamber of Commerce event in Richmond on Friday. Lacker says the key consumer sector has picked up in recent months with the acceleration of household spending and improved employment prospects. He says the country’s best single gauge of overall economic activity is real gross domestic product. Over the last four quarters, Lacker says, the real GDP increased 2.7 percent. That’s better than the 2.1 percent growth over the previous four years. The Federal Reserve Bank’s Fifth District serves the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia.