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A woman jogs by new housing construction in Darnestown, Maryland in this file photo taken October 23, 2012. U.S. home prices rose in November to rack up their best yearly gain since the housing crisis began, a further sign that the sector is on the mend.
A woman jogs by new housing construction in Darnestown, Maryland in this file photo taken October 23, 2012. U.S. home prices rose in November to rack up their best yearly gain since the housing crisis began, a further sign that the sector is on the mend.
(Gary Cameron/Reuters)

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U.S. economy on track despite GDP miss

SCOTT BARLOW

 — The Globe and Mail

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The U.S. Bureau of Economic Analysis released a hugely disappointing report on gross domestic product, but a look beneath the surface gives investors reason for optimism.

The U.S. economy contracted for the first time since early 2009 according to Wednesday’s data. The 0.1 per cent drop in the annualized rate was well below the consensus economist estimate of a 1.1 per cent gain, and below even the lowest forecast of 0.3 per cent.