GDP up 3.2 Percent in Fourth Quarter 2010
The Bureau of Economic Analysis released its first estimate of how rapidly Gross Domestic Product grew in the fourth quarter of 2010 earlier today. The annualized rate of 3.2 percent marks the 6th straight quarter of growth. This ends a good year for the national economy, especially considering that the 2007-09 recession is fresh in our minds. If you recall, that many economists were worried about a double-dip recession in 2010. That talk has pretty well dissipated.
Also, as we discussed on Wednesday’s blog, personal consumption grew at 4.4 percent rate. This was actually higher than the 4 percent growth rate that was predicted. What this means is the economy is on solid ground and should soon be providing those much needed jobs throughout 2011.