Monday, February 28, 2011

Bloomberg: US GDP growth is disappointing

Feb. 25 (Bloomberg) -- Scott Brown, chief economist at Raymond James & Associates Inc., discusses U.S. fourth-quarter gross domestic product (GDP) and the outlook for the economy.

The U.S. economy grew at a 2.8 percent annual rate in the fourth quarter, slower than previously calculated and less than forecast as state and local governments made deeper cuts in spending.

Brown speaks with Lisa Murphy on Bloomberg Television's "Fast Forward."

Brown pointed out that public sector jobs are disappearing at about a 20,000 per month rate which is unhelpful.

Many conservatives in their zeal to shrink government don't realize that these jobs pump in millions and billions into the local economy.

The Chinese GDP grew at a 10 per cent rate last year and the Chinese have set a 7 per cent goal for 2011.

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