U.S. economic momentum screeched to a halt in the final months of 2012, as lawmakers' struggle to reach a deal on tax increases and budget cuts likely led businesses to pare inventories and the government to cut spending.
The nation's gross domestic product shrank for the first time in 3 1/2 years during the fourth quarter, declining at an annual rate of 0.1% between October and December, the Commerce Department said Wednesday.
It was the first time the broad measure of all goods and services produced by the economy contracted since the recovery from the financial crisis began. Economists surveyed by Dow Jones Newswires had expected 1.0% annualized growth.
Gary Gygi with Gygi Wealth Management joins Rod at 4:35 to analyze the #'s.
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