Fourth quarter GDP revised up to 3%
The Department of Commerce revised its gross domestic product report for the last quarter of 2011, revealing more evidence that the U.S. economy could be entering a new phase of recovery.
Adriene Hill: The nation's economy grew at a rate of 3 percent in the last part of 2011. The gross domestic product is a touch higher than initial estimates from the Department of Commerce, and it's one more piece of good news economic data.
For more, we go to Kash Mansori. He's an economic consultant who runs the blog The Street Light, and he's been scouring the brand new GDP report for us. Good morning Kash.
Kash Mansori: Good morning, how are you?
Hill: I'm well. So what do you make of today's new GDP estimate?
Mansori: I think it's a pretty nice report. It's more evidence that this narrative that has been building, that the U.S. economy may be entering a new phase of the recovery that's stronger and hopefully more sustainable. It's heading in the right direction, so I like this report.
Hill: Any surprises in there for you?
Mansori: I wouldn't say there were any surprises, but there's some nice little bits and pieces that you can find in there. What I've been particularly paying attention to is personal consumption expenditure. Since consumers drive 70 percent of spending in the U.S. economy, that's the number that I've been looking for for sustainable growth, and it was revised upward a little bit and is growing now at a faster rate than we've seen in a couple of years.
Hill: Kash Mansori is an economic consultant and runs the blog The Street Light. Thanks so much.
Mansori: You're very welcome, have a good day.
Hill: You too.