BEA Reports 4th Quarter 2012 GDP Contracting At -0.14% Annual Rate

In their first (or “advance”) estimate of the US GDP for the fourth quarter of 2012 the Bureau of Economic Analysis (BEA) found that the economy was shrinking at a -0.14% annualized rate, over 3% worse than the 3.09% growth rate that they recorded for the prior quarter.

The contraction was driven primarily by dramatic [...]