US GDP grew 2.6% in Q4
Thursday 27 March 2014
Economic growth in the United States grew faster than previously estimated in the fourth quarter of last year helped by stronger consumer spending, the U.S. Commerce Department said on Thursday.
Gross domestic product grew at a 2.6 percent annual rate, a significant improvement on the 2.4 percent pace reported by the Commerce Department last month.
Analysts said the revision suggests the U.S. economy had momentum towards the end of last year and could pick up strength once again after the adverse effects of this winter's extreme cold weather start to ease.
The Commerce Department said that for all of 2013, the U.S. economy grew 1.9 percent, following a 2.8 percent increase in the prior year.
This third and final estimate of fourth-quarter GDP – the value of good and services produced in the United States – was broadly in line with economists’ expectations.
The revised pace of fourth quarter growth was slower than the 4.1 percent of the previous quarter, but the strength of consumer spending, which makes up more than two thirds of the U.S. economy, suggested an underlying strength that gave analysts hope of a better year ahead.
More good news came on Thursday from the U.S. Labor Department, which said initial claims for state unemployment benefits fell 10,000 to a seasonally adjusted 311,000, the lowest level since November. Many analysts had anticipated that first-time applications for jobless benefits would rise to 325,000 in the week ended March 22.
The four-week average, considered by many a more accurate measure of the job market, fell to its lowest level since September.
- 1 Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
- 2 The secret report that helps Israelis to hide facts
- 3 Danish TV reporter is all business up top, all party down below
- 4 Ross Burden dead: MasterChef and Ready Steady Cook star, dies aged 45
- 5 Businessman charged £75 for three small bottles of water in London hotel
Danish TV reporter is all business up top, all party down below
Israel-Gaza conflict: President Obama presses Netanyahu to call ‘immediate and unconditional’ Gaza ceasefire
Ross Burden dead: MasterChef and Ready Steady Cook star, dies aged 45
Zayn Malik on Israel-Gaza: One Direction singer bombarded with Twitter death threats after posting #FreePalestine
MH17 crash: Black boxes show plane suffered 'massive explosive decompression' following shrapnel hit
The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
iJobs Money & Business
Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)
£350 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...
£500 - £560 per day: Orgtel: Java Developer FX - Banking - London - Up to £560...
£350 - £400 per day + competitive: Orgtel: My client, a leading bank, is curre...
£26000 - £30000 per annum + Benefits: Ashdown Group: Account Manager - (Produc...