The U.S. economy grew just one-tenth of 1 percent in the first quarter of 2014, the Commerce Department reported today. Blame a brutal winter that held down corporate spending and housing activity. Economists expected the economy to grow 1.2 percent. Either way, it’s well below the post-WWII average of 3 percent annual growth.
“We’ve been living in sub-3 percent land, and people have gotten used to that as the new normal,” economist Dan North told The New York Times. “But it’s not. It’s anemic.” Read more at The New York Times.