GDP Unexpectedly Contracts in the Fourth Quarter

Washington, DC, Jan. 30, 2013 -- Gross domestic product unexpectedly contracted in the fourth quarter, according to the Commerce Department.

Economists were looking for an increase of 1.1%, rather than a decline of 0.1%. It was the worst performance since the second quarter of 2009.

Economists estimated that Superstorm Sandy shave about 0.5% from what would have been a gain.

The report indicated that business investment and consumer spending were two of the brightest spots, and home building added to the reading for the first time since 2005.

Lower government spending and business cutbacks on inventory also contributed to the decline.


Other Archived Articles

Services Sector Expands at Slower Pace in April   Full Article
Washington, DC, May 3, 2013 -- The services sector of the economy expanded at a slower pace in April than March, according to the Institute for Supply Management.

Factory Orders Decline More Than Expected   Full Article
Washington, DC, May 3, 2013 -- Factory orders fell 4% in March, the Commerce Department reported Friday.

Mohawk Completes Spano Acquisition   Full Article
Calhoun, GA, May 3, 2013 -- Mohawk Industries said it has completed the acquisition of Spano Group, a Belgian panel board manufacturer.

Number of Jobs Rises, Unemployment Rate Falls   Full Article
Washington, DC, May 3, 2013 -- Employers created 165,000 jobs in April and the unemployment rate fell to 7.5% from 7.6%, according to the Labor Department.

Tile Shop Holdings Reports Higher Sales   Full Article
Minneapolis, MN, May 3, 2013 -- Tile Shop Holdings reported a net loss of $44.7 million in the first quarter, compared to net income a year ago of $10.1 million.

Summit Industrial Expanding into South Carolina   Full Article
Dayton, OH, May 3, 2013 -- Industrial floor finishing firm Summit Industrial Flooring is moving its headquarters and expanding its operations into Charleston, S.C.

Imola Wins Coverings Best Booth   Full Article
Atlanta, GA, May 3, 2013 -- Cooperativa Ceramica d’Imola won Coverings 2013 Best in Show for its booth design presented by Confindustria Ceramica of Italy.

Floor Styles Joins Fuse Alliance   Full Article
Aurora, CO, May 3, 2013 -- The Fuse Alliance said that Floor Styles of Midvale, Utah is its newest member.

Mohawk Earnings, Sales Rise in Quarter   Full Article
Calhoun, GA, May 3, 2013 -- Mohawk Industries reported first quarter net earnings of $50 million and earnings per share of $0.72, up from $41 million a year ago.

Surfaces Group Director Teague Promoted to VP   Full Article
Dallas, TX, May 2, 2013 -- Hanley Wood Exhibitions has promoted Dana Teague to vice president.

Initial Jobless Claims Lowest in Over Five Years   Full Article
Washington, DC, May 2, 2013 -- Initial claims for unemployment benefits unexpectedly dropped last week to the lowest level in more than five years, according to the Labor Department.

Planned Layoffs Decline in April   Full Article
Chicago, IL, May 2, 2013 -- Planned layoffs dropped 23% in April from March to their lowest level since December, according to outplacement firm Challenger, Gray and Christmas.

Mortgage Applications Rise Last Week   Full Article
Washington, DC, May 2, 2013 -- Mortgage application volume rose 2% from the prior week as several interest rates declined, the Mortgage Bankers Association said.

Manufacturing Sector Barely Grows in April   Full Article
Tempe, AZ, May 2, 2013 -- Manufacturing in the U.S. barely grew in April as the rate of growth fell to the lowest pace since December, according to the ISM index.

Non-Farm Payrolls Rise 119,000 in April   Full Article
Roseland, NJ, May 2, 2013 -- Private sector employment increased by 119,000 jobs from March to April, according to the April ADP National Employment Report.

Construction Spending Falls in March, Up from 2012   Full Article
Washington, DC, May 2, 2012 -- Construction spending fell in March from February but was still higher than a year ago, according to the Commerce Department.

Engineered Floors Confirms Expansion   Full Article
Dalton, GA, May 1, 2013 -- Carpet manufacturer Engineered Floors is announcing expansion plans for new facilities in northwest Georgia.

Crossville To Offer TOTO's Hydrotect   Full Article
Crossville, Tennessee, May 1, 2013—Crossville will introduce Hydrotect as an optional treatment for most of its porcelain tile collections beginning in June 2013.

Home Prices See Fastest Rise in Seven Years   Full Article
New York, New York, May 1, 2013—Home prices are rising at the fastest rate in seven years, according to the Wall Street Journal.

Dixie Group Q1 Revenue up 20%   Full Article
Chattanooga, Tennessee, May 1, 2013—For the first quarter of 2013, The Dixie Group had sales of $75,440,000 and income from continuing operations of $651,000, or $0.05 per diluted share.