Outlook and Market Review - Fourth Quarter 2014

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Real GDP grew only 2.2% in the fourth quarter of 2014 according to the revised estimate released by the Bureau of Economic Analysis. The original estimate of 2.6% was revised downward. The revised third quarter GDP growth rate was a robust 5%. On an annual basis real GDP continues to grow at a rate well below the long run trend rate of 3.2%. Real GDP increased 2.3% for all of 2014 compared with an increase of 2.2% in 2013. While the U.S. economy continues to improve slowly, the global economy is weak with Japan and most of Europe in recession.