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Economy grew 5.9% in fourth quarter
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Feb 26, 2010 08:54pm |
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| Category | News |
| News Date | Saturday, February 27, 2010 02:00:00 AM UTC0:0 |
| Description | By Chris Isidore, senior writerFebruary 26, 2010: 11:42 AM ET
NEW YORK (CNNMoney.com) -- The U.S. economy grew at a slightly faster pace than originally thought during the last three months of 2009, according to a government report Friday.
The nation's gross domestic product, the broadest measure of the nation's economic activity, grew at an annual rate of 5.9% in the quarter, the Commerce Department reported. Economists surveyed by Briefing.com had forecast that the revision would show the same 5.7% growth that was originally reported a month ago.
The report is another sign that the U.S. economy has pulled out of the deepest downturn since the Great Depression. The solid growth, the best improvement for the U.S. economy in more than six years, follows a 2.2% annualized increase in the third quarter. Most economists now agree that the recession probably ended at some point last summer.
Still, the strong end of 2009 wasn't enough to make up for the even larger declines in the first half of the year. For the full year, GDP fell 2.4%, the biggest decline in the annual reading since 1946. |
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