The economy did not grow as robustly in the 4th quarter as had been thought. Bloomberg reports that:
Gross domestic product, the value of all goods and services produced, rose at a 2.2 percent annualized rate, down from an initial estimate of 2.6 percent, Commerce Department figures showed Friday in Washington. The median forecast of 83 economists surveyed by Bloomberg called for a 2 percent pace.
However:
Consumer spending last quarter climbed by the most in four years, underscoring the underlying strength of the expansion. An improving job market and cheaper fuel costs will probably keep underpinning households this year, which will help the U.S. overcome a slowdown in exports as the dollar climbs and foreign economies struggle.
If the recovery were an NFL team, it would be in a rebuilding year. 9-7, maybe. Or 8-8. And looking to make the playoffs next season.
