No, the Economy Has Not Reached “Escape Velocity”
It’s starting to look like real GDP in the first quarter of 2014 will–seasonally adjusted–be 2.0%/4 above real GDP in the fourth quarter of 2013. -0.5%-point per year of that will be weather-related, but even without the weather factor the economy looks to be starting the year still growing at or below potential.
No “gap closing”.
No “escape velocity”.