Economic growth is close to zero for the fourth quarter, according to Fed gauges

• GDP growth is barely positive in the fourth quarter, according to two Federal Reserve measures.
• The Atlanta Fed's tracker is at 0.3%, while the New York Fed's is showing 0.4%.

The U.S. economy will barely grow at all in the fourth quarter, if two Federal Reserve gauges that track gross domestic product are correct.

With some recent data coming in below expectations, both the Atlanta and New York Fed's trackers have lowered their expectations for the last three months of 2019.

According to the Atlanta Fed's GDPNow, growth is likely to come in at just 0.3%. The New York Fed's GDP Nowcast is showing a gain of 0.4%.

Both projections have come on the heels of recent news that took down previously meager expectations to just above negative territory. Friday releases indicating lackluster retail sales and production growth took the Atlanta tracker down from 1% a week ago and the New York measure from 0.7% earlier this week and as high as 2% back in September.

Economic data has largely remained a bit better than expectations but has dipped lately compared with Wall Street estimates. The Citi Economic Surprise Index, which compares actual readings to consensus estimates, is still positive but at its lowest level since early September.

Roger Stone — Trump confidant — found guilty of lying to Congress, witness tampering

Republican operative Roger Stone was found guilty of lying to Congress and tampering with a witness tied to his efforts to contact WikiLeaks during the 2016 presidential election, won by President Donald Trump. According to the Washington Post, a jury of nine women and three men deliberated for less than two days in a Washington, D.C., federal courthouse before finding Stone guilty on all seven of the counts he was facing. WikiLeaks published Democratic Party emails stolen by Russian hackers as part of a campaign to help elect Trump. Sentencing for the longtime political adviser to Trump has been set for Thursday Feb. 6. Stone had been charged with providing false statements to a House committee, obstructing a congressional investigation of Russian election interference by falsely denying that he had evidence to turn over, and witness tampering.

Trump Adviser Roger Stone Found Guilty of Obstruction, False Statements, Witness Tampering

Roger Stone, long-time friend and informal adviser to President Donald Trump, was found guilty Friday on charges related to his efforts to stymie Special Counsel Robert Mueller’s investigation of interference in the 2016 election. Stone was indicted on seven counts — obstruction of proceedings, witness tampering, and five counts of giving false statements to Congress — and convicted on all seven changes. The witness tampering charge carries a maximum sentence of 20 years in prison. 

A jury in Washington D.C. found Stone, 67, lied to Congress about made efforts he made to to obtain, from the website WikiLeaks and for the Trump Campaign, emails hacked from the Democratic National Committee during the 2016 election. The jury was similarly convinced Stone pressured political prankster Randy Credico not to testify before Congress about his knowledge of the events and Stone’s involvement.

Stone’s associates — including Randy Credico, the witness he was found guilty of threatening — expect the president to pardon him. As Credico told MSNBC’s Ari Melber in May, “You know, he’s been loyal to this president for 37 years. I know the president is not loyal; doesn’t reciprocate loyalty. But in this case, you know, he really doesn’t want Roger Stone yapping out there.” 

Stone did not respond to Rolling Stone’s request for comment.

Government puts household spending report on hold

Media reports had said the unreleased report had been suppressed because it showed that consumer demand declined in 2017-18 for the first time in more than 40 years.

The government has decided not to release the household consumer expenditure survey results of 2017-18 due to data quality issues, it announced on Friday.

Media reports had said the unreleased report had been suppressed because it showed that consumer demand declined in 2017-18 for the first time in more than 40 years. “In view of data quality issues, the Ministry has decided not to release the household consumer expenditure survey results of 2017-18.”

The Ministry of Statistics and Programme Implementation said in a statement that it is “planning the next consumer expenditure survey in 2021-22 after data quality refinement in the survey process.”

The Ministry said the report that was cited in the media was a draft and should not be considered the final report, a defence it has employed before when unpleasant data has been leaked.

“The Ministry has seen media reports of consumer expenditure survey by NSS (National Sample Survey) stating that index is falling and report is withheld due to adverse findings,” it said. “The Ministry states that there is a rigorous procedure for vetting of data and reports produced through surveys. All such submissions that come to Ministry are draft in nature and cannot be deemed to be final report.”

Nike CEO Mark Parker to step down

(CNN)Nike’s new shoe was not created for athletes such as basketball players or tennis players, but for a different crowd — medical workers.

Nike Air Zoom Pulse is an athletic shoe designed for those in the medical profession. Nike said in a news release that they had “everyday heroes” specifically in mind.

The company went to OHSU Doernbecher Children’s Hospital in Portland, Oregon, to study those in the profession. They took into account the challenges of those on the job– including long hours on their feet and liquid spills — and the comfort needed for long shifts.
The shoe is designed like a clog, an industry favorite, but is just made more athletic, Nike said. “The fit, cushioning and traction systems work together to secure the foot in all hospital conditions.”
The shoe has a laceless upper and an elastic strap keeps the heel securely contained. Nike said this makes the shoe easy to get on with one hand. It has a durable, full-rubber outsole with a sole that provides traction even when liquid or water is present.