Bloomberg reports that:
The U.S. economy expanded at 2.2 percent annualized pace in the fourth quarter, led by the biggest gain in consumer spending in eight years.
Nothing to shout about, especially since:
The report also showed corporate profits dropped in the last three months of the year, capping the worst annual performance since the recession.
And, as the Wall Street Journal reports, economists have:
… lowered their estimates for first-quarter growth in gross domestic product following a disappointing report on business spending and investment.
At least one first-quarter tracking estimate ... already close to zero. The Federal Reserve Bank of Atlanta on Wednesday put its gauge at 0.2%, down from its earlier estimate of 0.3%.
And most others are well below 2 percent.