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Business News

4th Quarter GDP Revised Down on Second Reading


It is the last day of trading for February and the S&P 500 sits at all-time highs. As of yesterday the S&P 500 is up a little over 5% for the month and is just above the flat line for the year. (Seeking Alpha)

The second reading of Gross Domestic Product for the fourth quarter came in at 2.4% lower than the first reading of 3.2%.  Not a bad number just not as good as we had originally thought. (Bloomberg)

A poll of Chief Financial Officers says 67% of those polled thought the economy was improving at least modestly down from 82% in December.  Six percent think the economy is getting worse.  Thirty-three percent thought weather was to blame for the current soft patch. (CNBC Global CFO Council)

Nationally banks made more money on less income during the fourth quarter.  Profits for the 6,812 banks was $40.3 billion up 17% from last year. Helped mostly be a reduction in loan loss reserves.  Reduced mortgage lending pulled revenues down 2%. (Federal Deposit Insurance Corporation)

Dinner maybe getting more expensive. The US cattle herd is at 63-year lows (that’s 1951 for you who don’t want to do the math) and US production of beef will be down 5.3% this year, the lowest since 1994.  Prices are at their highest levels since tracking was started in 1964. (Bloomberg)
 


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