Anybody still crooning about a recovery needs to check this out. The economy's purported growth rate is weaker than recent reports indicated:
These consistent downward revisions should be big news but they don't seem to make a dent in rising consumer confidence. Joe Six Pack is either a slow learner or so deeply in hock to his mortgage holder and credit card sponsor that he just doesn't care anymore.
U.S. economic growth slowed to an annual rate of 2.8 percent in last year’s fourth quarter, largely because of reduced spending by state and local governments, the Commerce Department said.
These consistent downward revisions should be big news but they don't seem to make a dent in rising consumer confidence. Joe Six Pack is either a slow learner or so deeply in hock to his mortgage holder and credit card sponsor that he just doesn't care anymore.
