Headlines discussed at LNWM’s Monday morning briefing:

— The U.S. economy grew 5% annualized in third-quarter 2014, the fastest quarterly growth in 11 years.

— A Federal Reserve study says the U.S. labor market is weaker than suggested by the unemployment rate.

— Japan’s exit from recession is likely to be difficult, due to drops in both industrial output and retail sales.

— The Japanese savings rate declined by 1.3% year-over-year, the first negative showing since 1955.

— The IMF is concerned that the weak finances of Russian banks may trigger another global crisis.

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