The first draft of GDP for 2014 IV came out this morning.
It’s not pretty: an annualized growth rate of real GDP of 0.7% per year. That’s not below zero, so it’s not recession territory. But, it is below the threshold — around the population growth rate of 2% per year — than needs to be exceeded for people to feel good about the economy.
For the whole year, real growth was 2.4%. Nominal growth was 3.4%, so inflation was about 1%.
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