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American Economy Grew Slightly in Late 2012
The Dept. of Commerce, which previously estimated that U.S. gross domestic product shrank 0.1% in the fourth quarter of last year, now calculates that the economy expanded 0.1% in that period.
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The Dept. of Commerce, which previously estimated that U.S. gross domestic product shrank 0.1% in the fourth quarter of last year, now calculates that the economy expanded 0.1% in that period.
The revised growth rate was still the slowest in two years. GDP rose 3.1% year over year in the June-September period. For the full year, the economy expanded 2.2% compared with a 1.8% gain in 2011.
The upward revision for the October-December quarter was caused by higher-than-expected exports and business investment. But those gains were mostly offset by a 22% plunge in defense spending, the sharpest decline since the end of the Vietnam War.
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