QOTD: US GDP takes unexpected dip

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“I’m a little surprised. It grabs your attention when you have a negative number across everyone’s screens.”

— Michael Feroli, U.S. chief economist at JPMorgan, after the Commerce Department said Wednesday that the nation’s economy contracted by 0.1 percent in the fourth quarter of 2012, the worst rate since 2009. Most expected the initial projection to show a modest rise in GDP, but growth in consumer and business spending was overshadowed by a 22.2 percent drop in military spending. (Photo courtesy Flickr user 401 (K) 2013)

Posted by on January 30, 2013. Filed under Quote of the Day,Recent News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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