White House Council of Economc Advisers Analysis Of Estimate of GDP for 4th Quarter 2014 Print
Federal Government
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Monday, 30 March 2015 05:49

RALEIGH, (SGRToday.com) - The White House Council of Economic Advisors has weighed in on economic data from the Bureau of Economic Analysis. In a March 27 White House blog posting by Jason Furman, the analysis begins:
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"Overall, today’s GDP report is consistent with a wide range of indicators showing continued labor market strengthening and improvement in household and corporate balance sheets. This estimate of fourth-quarter GDP affirms the robust underlying growth of the largest and most stable components of economic output, while the same volatile factors that increased growth in the third quarter subtracted from it in the fourth. Indeed, the sum of private consumption and fixed investment rose at the fastest pace in four years, despite the lower rate of overall growth. Personal consumption expenditures, which account for more than two thirds of output, grew 4.4 percent at an annual rate in the fourth quarter—the fastest single quarter since 2006. Despite the solid trend, the economy faces headwinds from weak growth abroad—as well as the lingering effects of winter weather—that economists generally expect to reduce GDP growth temporarily in the first quarter of 2015. There is more work to do to ensure that the recovery’s strong underlying trend is sustained and shared across a broad range of households. The President’s FY2016 Budget lays out a strategy to strengthen our middle class and help America's hard-working families get ahead."

The full blog, with charts, can be accessed at whitehouse.gov.