John Crudele writes:
On Wednesday, everyone on Wall Street will be talking about the weather.
No, it’s not going to snow. But snow will be important to the discussion because Wednesday is when the Commerce Department will release its advanced look at the nation’s gross domestic product (GDP) for the first three months of 2014.
And the GDP is going to be awful. The only debate right now is about the degree of awfulness.
The consensus is that the nation’s economy grew at an annual rate of just 1 percent during this year’s first quarter, down from 2.6 percent in the fourth quarter of 2013. But I don’t think it would shock anyone if there hadn’t been any growth at all in January, February and March — in other words, if the economy contracted instead of expanded.
Under normal circumstances, annualized growth of only 1 percent would begin speculation that the US is heading into another recession. ...