Economic growth in the U.S. stalled this winter
Ice floes fill the Hudson River as the Lower Manhattan skyline is seen during sunset on January 9, 2014 in New York City. A recent cold spell, caused by a polar vortex descending from the Arctic, caused the floes to form in the Hudson.
On Wednesday the government reported GDP numbers. Turns out, January to March showed hardly any growth -- an annual rate of just one-tenth of one percent, way below forecasts. Spending on goods was down, but for services, like healthcare, consumer spending was up. Business investments and exports were down, so it wasn't just the weather. But analysts say more recent data suggest the current quarter will be better.
GDP measures when money changes hands. On this program, we keep track of alternative measures. Chris Hoenig is President of The State of the USA, an outfit that's working with the government to come up with an online, interactive scorecard for how we're doing. He joins Marketplace Morning Report host David Brancaccio to discuss.