US GDP contracted at a 0.1% annualised rate in Q4 of 2012 according to preliminary estimates announced by the US government earlier today. This contraction was well below consensus estimates and comes as a shock to most of the analyst community. Nonetheless, most macro analysts are not concerned because consumer spending in the US still seems to support continued recovery.
From the BEA:
Real gross domestic product -- the output of goods and services produced by labor and property located in ...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.