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Economy in U.S. Grew 2.2% in Fourth Quarter on Consumer Spending
The U.S. economy expanded at 2.2 percent annualized pace in the fourth quarter, led by the biggest gain in consumer spending in eight years. The revised increase in gross domestic product, the value of all goods and services produced, matched the Commerce Department’s previous estimate, according to figures issued Friday in Washington. The report also showed corporate profits dropped in the last three months of the year, capping the worst annual performance since the recession. The rate of economic growth will prove hard to replicate this quarter as harsh winter weather, a stronger dollar, a port slowdown and a ... (full story)
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