Western States pipebursting

Economy just muddling along
February 28, 2014, 6:20 pm
Filed under: Uncategorized


By Annalyn Kurtz

NEW YORK (CNNMoney) — The economy merely muddled along at the end of the year, but economists call it “impressive” given the government shutdown wreaked havoc in October.

Overall, economic growth was not quite as strong at the end of 2013 as originally thought, according to revised data released by the Commerce Department on Friday.

Gross domestic product — the broadest measure of economic activity — grew at a 2.4% annual pace in the fourth quarter, revised down from 3.2% originally reported last month.

The number fell short of economists’ expectations and is disappointing after faster 4.1% growth in the prior quarter.

A decline in federal spending was the largest drag on growth, subtracting a full percentage point from GDP. (If government spending had merely remained the same, the economy would have grown at a 3.4% pace.)

Given that drag, overall economic growth is “still impressive,” Paul…

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