Slowdown

   The U.S. economy barely moved as the year started. The first estimate of GDP growth was 0.1 percent during the January-March period, according to government reports. That's down from 2.6 percent in the fourth quarter of 2013 and 4.1 percent in last year's third quarter.
   Worldwide, things don't look much better. While the global economy "is turning the corner," overall growth remains "too slow and weak," said the chief of the International Monetary Fund, Christine Lagarde.
   Asia may be "well positioned to meet the challenges ahead," according to an IMF  analysis, "provided it stays the course on reforms." Activity in Latin America and the Caribbean is likely to "stay in low gear" this year, the IMF said, and a faster recovery in the U.S. will depend on international conditions.
   Other signs in the U.S.:  The homeownership rate in the first quarter was essentially flat -- at 64.8 percent, it was down 0.2 percentage points from a year ago, the Census Bureau said. And the rental vacancy rate was also down, indicating that folks are renting rather than buying homes. Sales of new homes dropped 14.5 percent in March from the month before, the government said. And last week, the Census Bureau noted that more people are setting up their own businesses, rather than taking jobs as employees.
   So is it still a good idea for the Federal Reserve to trim down its intervention to keep interest rates low? Low rates don't seem to be having the needed effect, and neither does any stimulus from the government.

   Update: The Fed announced Wednesday that it would continue its pullback, even as it acknowledged that recovery is slow. In addition, the White House criticized Republicans in the Senate for blocking a measure that would raise the federal minimum wage to $10.10 an hour, noting that the "average worker who would benefit is 35 years old, and more than half are women," many of whom are single mothers trying to support a family or college students working to pay their way through school.