The US Department of Commerce revised lower the final quarter of 2013 to 2.4% from 3.2%, siting a decline in real residential fixed investment from 8.7 percent compared to a 10.3 percent in the third quarter, a greater than expected decrease in federal spending of 12.8%, a lowering in National Defense spending of 14.4% and state and local government spending decreased by 0.5% compared with an increase in the third quarter of 1.7%.

While overall growth in 2013 was anemic at 1.9%, there were some bright spots in the US economy. Exports grew at a quick pace. Goods, as a component of Exports increased 11.4% and services 4.4%.

G20 News reached out to the Commerce Department and  was directed to the US Census Bureau where we were guided to Exhibits 3 and 7. The Census Bureau results were totals for November(revised) and December. The Bureau is responsible for compiling the US International Trade in Goods and Services. The highlights are increases in Goods exported in Foods, such as Rice, Wheat, Animal feeds and Soybeans. Exports in Industrial Supplies and Materials, results came from, Petroleum products, Natural Gas liquids, Steelmaking materials, and Chemicals-Organic. In Capital Goods, Semiconductors, Medicinal equipment, Drilling and Oilfield equipment, Computer Accessories,  and Railway transportation. Consumer Goods had growth in Cell Phones and other household goods.

The markets appear to be shrugging off the sluggish recovery and extending the torrid upward pace of equity indices.

Although consumption estimates were for 3.3% in the fourth quarter, actual was 2.6%, the highest level for all of 2013. Showing that shoppers were able to get out and consume at a fairly good pace. This despite repeated storms blanketing much of the northern and eastern sections of the US. The polar vortex, snow and ice storms have persisted into the first quarter of 2014, snarling highways as far south as Atlanta, GA

The next release for GDP by the US Department of Commerce and BEA will be March 27, 2014, 8:30AM EST.

– By Julien David

The full text of the Commerce Department release is here.

The Census Bureau Services exhibit is here.

The Census Bureau Goods exhibit is here.

Commerce Dept, Exports, GDP, Petroleum Products, Semiconductors, Soybeans, Steelmaking