-- U.S. economy in the fourth quarter was not very strong, even excluding the noise in the data due to Sandy and long shore strike.
-- U.S. economy is not as strong as it should be in the recovery cycle.
-- Cut in government spending also had impact, but there is never a perfect time for cut in government spending and it is something which has to be done. Automatic cuts coming in defense spending are not necessarily a bad thing.
-- On the private side, businesses are still holding on spending due to uncertainty on budget and other policies in Washington. Consumer was shocked to see a paycheck cut due to rollback of payroll tax cut and that continues to impact the economy in the U.S.
Credit and source: Bloomberg TV, www.bloomberg.com
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