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Koefoed: US economy now fully recovered

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The latest economic data from the United States is, on the face of it, disappointing. Q4 2014 (quarter-on-quarter, annualised) GDP is 2.6%, versus 3% expected and 5% prior. 

Mads Koefoed, Head of Macro Strategy at Saxo Bank, talks us through the numbers and argues that, despite the latest figures, the US has now fully recovered from the banking crisis.     

How come? Mads points to the private consumption data: 4.3% vs. 4% expected and 3.2% prior and says this is the key figure and the main driver of growth going forward. 
 
Residential investment came out at 4.1%  and is also important for sustained growth.