This morning, the Bureau of Economic Analysis (BEA) announced US GDP grew at a 2.5% annualized rate during the 1st Quarter of 2013. Such a number is the economic equivalent of, say, a grilled cheese sandwich. Yeah, I will eat one if you give it to me; I might even make one myself. However, there are plenty of other things I would rather have.
Sometimes the headline number doesn’t tell the whole story; it can be either more or less than the sum of the individual components, if that makes sense. This wasn’t one of those times, because outside of an already well-known tick up in residential real estate, nothing else was really all that impressive. Basically, the whole report was about as dull as the headline.
My first, second, and third reactions were: “tell me something I didn’t already know.”…Read On…
The opinions expressed within this report are those of John Norris as of the initial publication of this blog. They are subject to change without notice, and do not necessarily reflect the views of Oakworth Capital Bank, its directors, shareholders, and employees.