Recapping the day's news and newsmakers through the lens of CNBC.
The so-so 2014 economic crystal ball
As business leaders start laying plans for 2014, how much help can they expect from the economy? Well, the good news is things are expected to get better. But a survey of economists says GDP growth will only inch up, to about 3 percent versus the recent 2.5 percent pace. Job gains may average around 200,000 a month, just a tad over this year's 190,000, leaving wages flat and jobs scarce for young people. Interest rates will rise, but not dramatically. Given all this, consumer spending will not grow significantly, either.
"This is very, very bad, because for people who are starting their new jobs, if they start out at a reduced level of employment with reduced wages, they will never catch up during the duration of their working life."—former Labor Secretary Elaine Chao