Posted on 02/28/2014 6:54:05 AM PST by SeekAndFind
The U.S. economy grew at a 2.4 percent annualized rate in the fourth quarter, the Commerce Department said Friday, revising down its initial estimate of a 3.2 percent increase in the nation's economic performance.
The drop in fourth-quarter gross domestic product growth was largely due to a smaller-than-expected boost from Americans buying bit-ticket items such as autos.
Consumer spending, which accounts for 70 percent of the U.S. economy, slowed to a 2.6 percent rise from 3.3 percent in the third quarter. Export, inventory accumulation and government spending also contributed to the downward revision in GDP.
Capital Economics' Paul Ashworth now expects the first-quarter 2014 GDP growth to be close to 2.0 percent. "Once the weather effects begin to unwind in the second quarter, however, we would anticipate a pick-up in GDP growth to nearer 3 percent over the remaining three quarters of this year," Ashworth said in a note.
The U.S. Federal Reserve, which has been trimming the amount of money it is injecting into the economy through monthly bond purchases, views the recent soft patch as a cold weather-related temporary phase. Fed Chair Janet Yellen told lawmakers Thursday that it will take a "significant" change in the outlook for the economy to prompt the central bank to consider pausing or changing the pace of tapering.
(Excerpt) Read more at ibtimes.com ...
We’re Going Galt on Barry at an accelerating rate.
Yep. I wonder what influence Punxsutawney Phil might have as well?
LOL-
also- 3.2% to 2.4%— exactly 25% DIFFERENCE
This is a HUGE mistake- done on purpose-
THE MSM?... WILL NEVER cover this
Yet the stock market is soaring, the S&P closing at new record highs almost every day, etc.
Something is not right with this picture.
Especially in light of the accepted 2+% inflation rate.
Realistically, there is really no place else for the money to go.
This is probably the biggest Ponzi-like scam ever. The market, in parlous times, is a recognzed “greater fool than I” mechanism. But beyond that, how many little guys are partaking of this market in the spectacular manner that many perceive the market is engendering?
The simple fact of the matter is, this bull is being ridden by the market elites. It’s another vehicle for stripping wealth from middle America.
Since there is, fundamentally, nothing (or very little) to support the market’s meteoric rise, when the inevitable correction makes itself felt, these elites will have long since liquidated their positions, leaving it to the “greater fools” to pick up the pieces.
Rest assured, when this happens, many other segments of the economy will be teetering on the brink, so it behooves us all to remain vigilant and know exactly what is going on.
That one more reason (among many) why this board is so important.
CA....
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.