Nattering Nabobs

While naysayers dismissed today’s 3.2% Q4 annualized GDP growth number because 0.42% of it was from a rise in inventories, excluding them Q4 GDP was 2.8% while Q3 GDP was just 2.5%! Moreover, a drastic decline in federal government defense spending along with the government closure clipped 0.98% from Q4 GDP growth while residential construction, which had a lousy quarter, subtracted 0.32%! Housing will improve, and the closure was one-off.

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