31 Mar 2017
The U.S. economy grew in the fourth quarter at a faster pace than previously reported on higher consumer spending, Commerce Department data showed Thursday in Washington.
Gross domestic product rose at a 2.1 annualized pace (forecast was for 2 percent), revised from 1.9 percent
Consumer spending, the biggest part of the economy, rose at a 3.5 percent rate, revised from 3 percent; added 2.4 percentage points to growth, revised from 2.05 points
Corporate profits in the U.S. jumped 9.3 percent from a year earlier, the most since 2012, and rose 0.5 percent from the previous three months, in the first estimate for the fourth quarter
Trade subtracted 1.82 percentage points from growth, the most since 2004, compared with the prior estimate of a 1.7-point drag, on weaker exports and higher imports