Real (net of inflation) gross domestic product (GDP) rose at a seasonally adjusted annual rate of 3.1% in the fourth quarter, a deceleration from the 4% pace in the third quarter, according to today's “advance” estimate from the Bureau of Economic Analysis.
The Beige Book, a report released Wednesday by the Fed summarizing informal soundings of current business conditions taken by the 12 regional Federal Reserve Banks, “indicated that economic activity continued to expand from late November through early January.
The producer price index (PPI) for finished goods fell 0.7% in December, seasonally adjusted, the Bureau of Labor Statistics (BLS) reported, as the finished energy index tumbled 4%. But the “core” PPI, which omits food and energy, edged up 0.1% for the month and 2.2% for the year.
Federal construction-related funding in fiscal 2005 appropriations bills will be about $1.3 billion (2%) higher than in fiscal 2004, according to a compilation by AGC legislative director Dave Schwietert.
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