Friday, February 26, 2010

GDP Revised Higher

From the WSJ:

U.S. economic growth accelerated to the strongest pace in over six years late last year, with the Commerce Department Friday revising up its fourth-quarter estimate as businesses slowed inventory reduction and boosted spending, but consumers spent less than first thought.

Gross domestic product rose at a 5.9% annual rate October through September, the fastest rate since the third quarter of 2003, the Commerce Department reported. GDP expanded by 2.2% in the third quarter of 2009.

A month ago, the department first estimated that GDP -- a measure of all goods and services produced in the economy -- rose by an annual 5.7% in the fourth quarter.

I'm sure the upward revision will be commented on by all the doom and gloomers .....