Robert St Clair Dederick was born in Atherton, Lancashire, England, 27 September 1919 and died in Cape Town, South Africa, 8 December 1983... (wikipedia)
There is no question that the fourth quarter was a bummer, even with that upward revision. Even if we blame temporary factors, it was a one-quarter bust.
Corporate spending will be very critical in 2006, and it appears that businesses are stepping up to the plate.
The risks are on the downside, because Americans were hit hard by the dual shocks of major hurricanes and the bump in energy costs.
Stocks of unsold goods grew over the last three months, as production went up faster than sales. The oil situation remains iffy. So the question is whether consumers will bounce back, or whether we are headed for an additional period of subdued growth.