From The New York Times:
U.S. Economy’s Growth Was Slower in Fourth Quarter
By Nelson D Schwartz, February 28, 2014
The economy grew at a slower pace in the fourth quarter of 2013 than first thought, weighed down by disappointing retail sales, inventory adjustments and a less robust trade balance.
The Commerce Department said Friday it now estimates the economy grew by 2.4 percent in October, November and December, down from an initial estimate of 3.2 percent released on Jan. 30.
Economists had been expecting the government to revise the estimated rate of growth downward to 2.5 percent.
At 2.4 percent, the revised figure represents a substantial slowing from the pace of growth in the third quarter, 4.1 percent.
More at the link.
I had seen a few gloating messages on Facebook, telling us how President Obama and his wise policies had the US in a strong growth pattern. Oops!
The article continues to tell us that “most experts” believe that the economy will continue to be slow, expanding at an annualized 2% rate for the first quarter of 2014. Your Editor would be surprised to see it that high, because the weather has caused significant economic problems for the entire month of February. Of course, your Editor isn’t an expert, is he?