Federal Reserve Chair Janet Yellen testified this week that the central bank is concerned about data showing a weaker economy than it had expected this year. Today, the government reported that gross domestic product grew at a revised annual rate of only 2.4 percent in the fourth quarter of last year, compared with the initial sounding of 3.2 percent.
The GDP growth is considerably slower than the third quarter’s 4.1 percent. Meanwhile, housing, consumer spending and industrial production have all slowed. Job growth remains weak, with about three job seekers for every available position. Also, the Congressional Budget Office released a dreary economic outlook.
What are you experiencing in your job, income and business?
This Week’s Links:
• Five years after the crash, another flip in housing | Washington Post
• The smart money quietly abandons the housing market | Naked Capitalism
• Keystone XL and the petro-states of America | BusinessWeek
• The cost of bad 401(k) plans | Baseline Scenario
• Does tackling inequality reduce growth? No. | The New Yorker
• Federal deficit falls at sharpest rate since the end of World War II | Seeking Alpha
Today’s Econ Haiku:
The Big Dig did dig
Seattle scooped a new path
But we’re stuck, you dig?