Latest Report on the Economy Is No Reason to Cheer, Says Economist

Despite the slight tick up in fourth-quarter GDP, the economy is showing signs of weakness that should concern the Federal Reserve, according to one economist.
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Despite the slight tick up in fourth-quarter GDP, the economy is showing signs of weakness that should concern the Federal Reserve, according to one economist. Robert Brusca, Chief Economist at FAO Economics says the latest report on the U.S. economy showed that inventories are building up, and consumer spending is slowing. ‘I’m really concerned about the economy. I’m concerned about the global slowdown,’ said Brusca. Brusca said the Fed is too focused on one indicator – the labor market. ‘Every kind of statistic you can measure has been weak, except the job and employment stuff that the Fed looks at. That’s been strong’ said Brusca. ‘By looking at that, the Fed is getting a very, very skewed view of the world.’ TheStreet's Rhonda Schaffler has details from Wall Street.