BUSINESS BRIEFS
GDP skidded to near halt in '07
Associated Press
WASHINGTON — The economy skidded to a near halt in the final quarter of last year, clobbered by dual slumps in housing and credit that caused people and businesses to spend and invest more sparingly.
The Commerce Department reported yesterday that the gross domestic product increased at a scant 0.6 percent pace in the October-to-December quarter.
The reading — unchanged from an initial estimate a month ago —- underscored just how much momentum the economy has lost.
In the prior quarter, the economy clocked in at a brisk 4.9 percent pace.
Gross domestic product measures the value of all goods and services produced in the United States and is the best barometer of the country's economic health.
PAULSON WARNS OF HOUSING FIXES
WASHINGTON — Treasury Secretary Henry Paulson said yesterday that many proposals being put forward to deal with the housing slump would do more harm than good.While he still believes that the housing problem remains the biggest downside risk to the economy, Paulson said the issue needed to be put in perspective. He said 93 percent of all mortgages are being paid on time and that less than 2 percent are in foreclosure.
Paulson's comments represented the strongest administration objection lodged so far to a variety of proposals being pushed by Democrats in Congress to do more to help.
DELL 4TH-QUARTER PROFIT FALLS 6.4%
DALLAS — Dell Inc.'s fourth-quarter profit dropped 6.4 percent and fell short of Wall Street expectations, and the personal computer maker cautioned that more cautious spending by customers and higher costs could hurt its business.
