McDevitt and the State of the Economy
March 2, 2006—John McDevitt, former 3M corporate economist, now in semi-retirement, assesses the economy and the economic news of the most recent 30 days. McDevitt discusses: 4th quarter GDP, the reasons behind the quarter’s softness and he also shares his forecast for growth in the 1st quarter and how business people can best read GDP numbers. McDevitt also talks about personal income and spending and the potential undesirable outcome of a negative savings rate, the consumer confidence index and its importance in reading the overall economy, the housing and construction markets, the Fed and future rate hikes, the manufacturing sector and his forecast for 2006 and beyond.