GDP growth cut to 2.4% for fourth quarter on on revision but belief in 2014 growth unshaken on Wall Street

GDP growth cut to 2.4% for fourth quarter on on revision but belief in 2014 growth unshaken on Wall Street

The fourth quarter GDP growth rate took a big hit this morning when the second estimate fell to an annualized rate of 2.4% from 3.2% on the first read. That was a big drop from the 4.1% in the third quarter and below the 2.5% median forecast of economists. But there was enough other positive economic news so that the Wall Street consensus this morning was still “it’s the cold weather.”

Big data on U.S. GDP growth tomorrow: Disappointing or reassuring?

Big data on U.S. GDP growth tomorrow: Disappointing or reassuring?

The big U.S. economic number of the week, the second estimate of fourth quarter GDP growth, gets posted tomorrow morning at 8:30. The first estimate put fourth quarter GDP growth at 3.2%. That was a disappointing drop from the 4.1% growth rate in the third quarter. The consensus among economists is that the second estimate will show even slower growth of just 2.6% for the fourth quarter.

Special Report Part 2: 15 stock picks for 2014

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