COWABUNGA

U.S. Economic Comeback Continues

On the back of the highest consumer spending in three years, the U.S. economy grew at a rate of 3.2 percent for the fourth quarter of 2013. The growth continued what was a strong finish to the year, as the preceding three months saw growth of 4.1 percent. The continued strength of the economy was likely part of the reason the Federal Reserve announced yesterday it will keep cutting back on bond purchases. The growth came despite a government shutdown, and a significant drop in federal spending.