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Jan 30, 2011

US GDP Grew at 3.2% in the 4th quarter
Jan 28, 2011

U.S. Economy Grew at 3.2% Rate in Late 2010 - NYTimes.com http://nyti.ms/gM0Sua

U.S. Economy Grew at 3.2% Rate in the 4th Quarter
By CATHERINE RAMPELL

With a little more money in their wallets and a little less fear in their hearts, American consumers helped pull the economy up by its bootstraps in the fourth quarter of last year.

Gross domestic product, a broad measure of all the goods and services produced by the economy, grew at an annual rate of 3.2 percent last quarter, up from 2.6 percent in the previous period, according to a Commerce Department report released Friday.

As a result of this slightly speedier expansion, overall economic output has finally matched its prerecession peak. Still, given the millions of jobless American workers, the economy has fallen far short of what it could be if it were healthy, economists said.

“Things are better, but they’re not anywhere near where they need to be to make major inroads into unemployment,” said John Ryding, chief economist at RDQ Economics.

Thanks to modestly higher paychecks and swelled investment portfolios, Americans felt comfortable buying again and reducing how much they salted away. Consumer spending grew at an annual rate of 4.4 percent in the October-December period, its quickest pace in nearly five years and almost double the growth rate from the previous quarter.

The payroll tax cut and the extension of the Bush tax cuts that were passed in December are expected to further buoy consumer spending, which many economists predict will continue to grow at an annual pace of about 3 or 3.5 percent in 2011.
http://nyti.ms/gM0Sua

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Jan 27, 2011