Economic News – GDP on the Rise

Economic growth in America has risen at the quickest rate in six years according to a statement that the Commerce Department realesed Friday after revising its fourth quater estimates. Businesses slowed inventory reduction and boosted spending, but consumers spent less than first thought. GDP also rose 5.9% annual rate October through September, the fastest rate since 2003.  

Another positive is the fact that consumer spending rose 1.7% annual rate for the fourth quater.  The spike in spending contribited 1.2 percent to the total GDP.