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US 4Q10 Growth Revised Down
Economic growth in the U.S. accelerated in the last three months of last year, although the latest revision shows that the gain was smaller than had been previously estimated, according to The Wall Street Journal.
Economic growth in the U.S. accelerated in the last three months of last year, although the latest revision shows that the gain was smaller than had been previously estimated, according toThe Wall Street Journal. On Friday, theCommerce Departmentreported that gross domestic product in the U.S. grew at an annual rate of 2.8% in the fourth quarter of 2010, rather than the 3.2% growth that was initially reported. The revision disappointed economists who had anticipated at slight upwards revision.
Consumer spending was strong during the holiday shopping season, but the latest data showed that fourth quarter spending was not as high as had been initially estimated. Nonetheless, consumer spending was seen 4.1% higher in the final three months of the year, which is the largest increase in four years. Lower state and local government spending also weighed on the overall growth figure. The report also showed that theFederal Reserve’s preferred inflation gauge, thePrice Index for Personal Consumption Expendituresexcluding food and energy, was up by an annualized rate of 0.5%, although the overall index added 1.8% in the fourth quarter.