The Commerce Department said today that the economy grew more quickly in the fourth quarter leading the agency to revise annualized GDP higher to 3.1 percent from the 2.8 percent projection issued in February. It also said corporate profits increased 3.3 percent after rising 0.2 percent the prior quarter.
“You should continue to see investment gain some traction. The first quarter (of 2011) will probably be a bit stronger but the question is after that, whether or not consumer spending can really maintain the traction that we’ve seen into late last year,” said Sean Incremona, economist at 4Cast Ltd in New York.
Source: Reuters
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