GDP Growth Aside, Economy Appears Steady and (Slowly) Improving

While data on fourth quarter 2012 GDP growth is disappointing, we should take comfort that are in the midst of a steady recovery, as evidenced by today’s decent economic reports from the ISM and Labor Department.  The economy added jobs, and manufacturing is expanding.  The Fed continues to pump the system with low cost money (in some cases, borrowing rates are lower than the cost of inflation, making it better than free).  Low mortgage rates for refinancing are one method of getting more cash into the hands of consumers. Unfortunately, that avenue has been held back by tighter mortgage underwriting, high unemployment, and other factors, but it is helpful nonetheless.  Here’s hoping that the economy keeps gaining steam for the remainder of 2013.