Economy grew at higher rate in Q4 than originally reported
By Lauren McNitt
ProWEB Wire (Industry News)
The U.S. economy grew at a faster rate at the end of 2011 than initially reported, according to new Commerce Department data.
The department upgraded the GDP for the final quarter of 2011 to 3 percent from its initial estimate of 2.8 percent. The fourth quarter data indicates the economy could be ramping up, after just 1.8 percent growth in the third quarter. The economy grew 1.7 percent overall in 2011.
Other indications that the economy is improving include a Labor Department report that the economy added 243,000 new jobs in January and the Dow Jones Industrial Average closing at above 13,000 on Tuesday for the first time since the financial crisis.
The Commerce Department said private investment, personal consumption and exports accounted for the increase in GDP in Q4.