Friday, February 28, 2014
US economy reverts back
After a stellar 3Q performance, the US economy reverts back to its trend of weak demand -- not a good sign for 2014. Just as economists expected, real 4Q GDP growth is revised down to 2.4%, from 3.2%. The downward revision came mainly from the demand side: consumers and foreigners increased spending by less than first estimated and the government sector continued to pare back on purchases.