Some interesting snippets on matters of the economy at the end of the week.
Reuters lets us know that the economy in the fourth quarter of last year grew a tad stronger than was initially thought.
(Reuters) – The U.S. economy grew more quickly than previously thought in the fourth quarter…
Gross domestic product rose at an annualized rate of 3.1 percent, the Commerce Department said in its final estimate, revised up from 2.8 percent.
Several thoughts on this, first of all, even though 3.1% growth isn’t particularly anything to write home about, it’s better than 2.8% so you’d think that the Administration would be crowing about it. After all, it’s moving in the right direction. So why’d they release the news on Friday? Maybe it could be the rest of the information in the article, ya think? What could be wrong? Well…
I really wonder who dresses these people. We have another unexpected announcement about the economy, this week it’s the housing sector. Again. Last week we had reports of new lows in the price of resale homes and they were shocked. This week it’s a new low in new housing starts. Actually, the news is really about both January and February, from the Wall St. Journal.
WASHINGTON (MarketWatch) — New construction of U.S. housing units plunged in February, erasing a sharp gain in January and coming close to an all-time-low level.