Fourth Quarter GDP Rose 2.6%, Falls Short of Estimates

Gross domestic product rose 2.6% during fourth quarter, according to numbers released Friday morning from the Commerce Department. Economists were expecting 3% and the latest reading is significantly less than the third quarter's 5% economic expansion. TheStreet's Scott Gamm speaks with ITG Chief Economist Steve Blitz on the key takeaways from Friday's report, his 2015 GDP outlook, and whether the disappointing GDP numbers will make a stronger case for the Federal Reserve to delay its widely expected 2015 rate hike. Blitz also sheds light on the slight drop in the employment cost index during fourth quarter.