US growth rate revised upwards to 5.9% in Q4

The US economy expanded by 5.9 per cent in the fourth quarter of 2009, the fastest increase in six years, it emerged yesterday as the Commerce Department revised up its earlier estimate of 5.7 per cent.

The Q4 figure compares with 2.2 per cent growth in GDP in the third quarter of 2009, lifting the world's biggest economy from recession after four quarters of contraction. However, separate reports showed that existing home sales fell sharply in January and consumer confidence slipped this month.