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U.S. Economy Grew 3.1% in Fourth Quarter, Revised From 2.8%
The U.S. economy grew at a 3.1 percent annual rate in the fourth quarter, led by a jump in consumer spending that will be hard to match early in the year as energy prices surge. The revised increase in gross domestic product compares with a 2.8 percent estimate issued last month, figures from the Commerce Department showed today in Washington. Earnings at financial firms led a 2.3 percent increase in corporate profits from October to December that capped the biggest annual gain in six decades. Surging oil prices sparked by turmoil in the Middle East may erode consumers’ purchasing power, and supply constraints ... (full story)