In this week’s Economic Report, Dr. Rick Harper looks at the latest Gross Domestic Product (GDP) figures. According to revised data released Thursday (March 27) by the Commerce Department, GDP grew at an annual pace of 2.6 percent in the fourth quarter of 2013. The growth rate is slightly better than the 2.4% estimate published in February, but was down from 3.2% originally reported in January. Harper says “Overall, it’s a pretty good report,” noting increases in 1) consumer spending, 2) business investment spending, and 3) exports.
In this week’s Economic Report, Dr. Rick Harper discusses the third quarter Gross Domestic Product, which reflected an increase of 2.85 percent, stronger than the second quarter GDP estimate of 1.9 percent.
Harper credits the increase with growth in inventory investment and in structures and residential investments.
Additionally, payroll provider ADP reports that Florida’s growth in private sector jobs has slowed to about 8500 jobs in September. Harper says that’s still short of pre recession levels of about 13,000 new jobs per month.