New GDP Estimate: More Growth In Q4
At third glance, the nation's economy appears to have grown at a 3.1-percent annual rate in the fourth quarter of 2010.
The U.S. Bureau of Economic Analysis's third estimate of gross domestic product is higher than the second one, which put the growth at 2.8 percent, but slightly down from the first estimate of 3.2 percent.
The increase from the fourth quarter reflected growth in consumer spending, exports and nonresidential fixed investment, as well as a drop in imports, which are subtracted from GDP. Private inventory investment and local government spending both declined.
GDP increased at a 2.6-percent rate in the third quarter.
The BEA also said corporate profits from current production rose by $38.2 billion in the fourth quarter, compared with a $26 billion increase in the third quarter.
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