That news comes in the wake of news about our trade deficit.
The U.S. trade deficit shrank in December to its narrowest in nearly three years, suggesting the economy did much better in the fourth quarter than initially estimated.
The country's trade gap narrowed to $38.5 billion during the month, the Commerce Department said on Friday. Analysts polled by Reuters had expected a deficit of $46 billion.
That suggests the U.S. government will revise upward its advance reading for fourth-quarter gross domestic product, which showed the economy contracted at a 0.1 percent annual rate in part because of a decline in inflation-adjusted exports. ...Fox Business
It was thought that the GDP had dropped during the final quarter of last year, and Republicans "slammed" Obama for the drop. Now it appears that -- according to The Economist's Greg Ip in a discussion this morning -- that Obama has halved the drop in GDP during the Bush administration.
More discussion of this issue -- discussion that is bound to annoy Galties -- can be found here.