February 25, 2011
GDP Revised Down
The U.S. gross domestic product, previously estimated to have grown at a 3.2-percent annual rate in the last quarter of 2010, actually increased at a rate of just 2.8 percent, according to a revised report by the Bureau of Economic Analysis.
That still represents a slight increase from the third quarter of 2010, when it rose at a 2.6-percent rate.
Driving the increase were more consumer spending, exports and nonresidential fixed investment. Imports, which are subtracted from GDP, fell.
The increases were partly offset by reductions in private inventory investment and state and local government spending.
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