Skip to comments.U.S. Economy Expands at Weakest Pace Since 2011
Posted on 02/28/2013 6:12:55 AM PST by mykroar
The U.S. economy barely grew in the fourth quarter although a slightly better performance in exports and fewer imports led the government to scratch an earlier estimate that showed an economic contraction.
Gross domestic product expanded at a 0.1 percent annual rate, the Commerce Department said on Thursday, missing the 0.5 percent gain forecast by analysts in a Reuters poll.
The growth rate was the slowest since the first quarter of 2011 and far from what is needed to fuel a faster drop in the unemployment rate.
However, much of the weakness came from a slowdown in inventory accumulation and a sharp drop in military spending. These factors are expected to reverse in the first quarter.
(Excerpt) Read more at foxbusiness.com ...
So now we can officially hold off the double-dip for another quarter.
Excuse me, how far back are we talking about, “the first quarter of 2011”? Wasn't that just 12 months ago? Aren't we looking at the economic reports based on economic activity from the first quarter of 2013?
Did I miss significant economic growth that occurred between January 2012 and September 2012 (the second, third, and fourth quarters of 2011)?
I guess the writers from Fox News finally replaced the cold waters of reality with the kool aid coming out of the Beltway.
The book-cookers are scrambling to avoid another recession.
Two quarters of contraction (used to, anyway) defines a recession. They squeaked by this one.
Exactly my thought.