U.S. economy grew faster at end of 2011
By Lauren McNitt
ProWEB Wire (Industry News)
The U.S. economy grew at a rate of 2.8 percent in the fourth quarter of 2011, the fastest growth last year.
However, the growth was below expectations. The Commerce Department said economists predicted a growth rate of 3 percent.
For the entire year, the U.S. economy grew 1.7 percent, which was about half of the rate it grew in 2010.
Personal spending, exports and companies stocking up on inventory accounted for most of the growth in the final quarter of 2011. Decreases in government spending and an increase in imports stunted the growth.