Weak Foundation for Economic Momentum?

Real GDP grew at a 2.8 percent annualized rate during the fourth quarter, but the underlying data show the economy has less momentum going into 2012.

Durable goods orders and shipments rebounded solidly in December, casting some doubt on the earlier weak readings and bringing the data more closely in line with anecdotal reports and regional manufacturing surveys.

Expectations for a housing rebound may have gotten a little ahead of themselves. New home sales fell slightly in December, and sales remain stuck near their average for the past 8 months.

Click on the pdf link below to view the full report.