Posted on 03/25/2011 1:27:50 PM PDT by SeekAndFind
U.S. economic growth accelerated at a faster pace than previous estimates, according to U.S. Commerce Department’s fourth-quarter gross domestic product report.
Fourth-quarter GDP grew at an annual pace of 3.1 percent, up from the Bureau of Economic Analysis’ previous estimate of 2.8 percent. The report, issued Friday, cites stronger consumer spending.
Consumer spending rose 4 percent, the biggest increase since the fourth quarter of 2006.
Inventory and business investment both rose, while exports of goods and services fell.
Corporate profits increased 2.3 percent in the quarter, led by banks and other financial firms. The financial-services sector saw its profits grow 15.6 percent.
Looking ahead, UNC Charlotte economist John Connaughton recently said he expects North Carolina’s economy to grow 2.7 percent this year, up from 1.3 percent last year.
As previously reported, Connaughton foresees growth in eight of the state’s 11 main economic sectors this year. The sectors with the strongest prospects are transportation, warehousing, utilities and information, with an increase of 5.2 percent; finance, insurance and real estate, up 4.9 percent; retail trade, up 3.6 percent; wholesale trade, up 3.1 percent; and services, up 3.1 percent.
The government sector’s output is expected to increase 2.6 percent, while nondurable-good manufacturing is expected to increase 1.2 percent
He expects the state to gain 46,200 jobs this year, a 1.2 percent increase from December. Sectors with the strongest employment increases this year should be wholesale trade, finance, retail trade and services.
meaningless in the grand scheme of things, these could just be inflated dollars too
I don’t know how they calculate this, but surely they factor inflation in? Otherwise how much of this increase is due to prices just going up?
Naw, our gummint wouldn’t try that...
Ya right! stronger spending..like 4 bucks a gallon gas!
these could just be inflated dollars too””
Precisely. Difficult for people to live without food and energy.
Don’t know about the rest of US, but we are stocking up big time.....spending a bunch more in the process.
Don’t know about the rest of US, but we are stocking up big time.....spending a bunch more in the process.
We’re stocking up for WTSHTF!
Food, water, ammo - check.
I question as well. How does inflation figure into the grand scheme of things?
Gasoline spending has definitely increased...way to go,.Hussein.
How is the GDP up on consumer spending when just today the numbers for consumer sentiment and confidence came out and they are at all time lows?????
Evbery once in a while you have to get out of the bunker and buy some replacement peanut butter and canned goods.
Stronger consumer spending because everything costs more. Duh.
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