The real Gross Domestic Product growth for the fourth quarter was revised down to 2.2%, still ahead of the 2.0% estimate. The revision puts 2014’s real GDP growth at 2.4%.
TD Senior Economist James Marple looked at the numbers, and when combined with a jump in consumer spending of 3.4%, and lower fuel costs, says he’s optimistic the economy will continue to grow in 2015.
One lagging area is labor. Despite a strong jobs market, salaries remain stagnant. And the latest worker productivity numbers show hours worked are up, while labor productivity has remained unchanged. Both threaten to slow economic growth.
To see the Commerce Department update or the full analysis from TD Economics, follow the links below: