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January 30, 2008
Note on GDP slow down.
By now, you have seen the news reports that GDP growth dropped dramatically to 0.6% in the 4th quarter of 2007 (see GDP Growth Slowed in 4th Quarter, As Housing Continues Its Drag - WSJ.com, Growth Slowed Drastically in 4th Quarter - New York Times, Economy nearly stalled in 4th quarter; suffers worst year since 2002 - Los Angeles Times, Economic Growth Slows in Last Quarter - washingtonpost.com). Here is what BEA: News Release: Gross Domestic Product:
The deceleration in real GDP growth in the fourth quarter primarily reflected a downturn in inventory investment and decelerations in exports, in PCE [personal consumption expenditures], and in federal government spending that were partly offset by a deceleration in imports and an acceleration in state and local government spending.
Deceleration in exports? So much for the rest of the world picking up the slack.
Posted by Ken Jarboe at January 30, 2008 10:06 AM
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