New figures from the Commerce Department released today, March 25, show that the U.S. economy grew at a 3.1% annual rate in the fourth quarter of 2010. Nice to have, I guess, but so much has changed for the U.S. economy since the end of 2010 that I don’t know that an upward revision in fourth quarter U.S. GDP growth means much of anything.
With European Union leaders set to begin a two-day summit today, March 24, Portugal’s government has collapsed. Late Wednesday night Portugal’s parliament rejected a new budget austerity plan, prompting the resignation of Prime Minister Jose Socrates.
New home sales fell 16.9% in February to 301,000 from 250,000 in January. That’s the lowest level of new home sales since the 274,000 in sales for August 2010
OPEC has decided that the world can live with oil at $105 or even slightly higher so there’s no need for any extraordinary steps.