Monday, May 2, 2011

GDP at 5.7%

The U.S. economy surged at the end of 2009, driven more by slower inventory liquidation than by consumer spending. Gross domestic product rose at a seasonally adjusted 5.7% annual rate from October through December, the Commerce Department said Friday in its first estimate of fourth-quarter GDP.

GDP has gone up two straight quarters, rising 2.2% in the third quarter after a year of contraction. In all of 2009, GDP fell 2.4%, the biggest drop for an entire year since 10.9% in 1946.

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