GDP Revised Higher

The economy expanded at a faster pace than expected in the final fourth quarter reading thanks to gains in consumer and government spending

Fourth-quarter real gross domestic product ( GDP) growth was revised to 1.7% from a preliminary 1.4% reading and an initial 0.2% reading. The consensus forecast was a 1.5% increase. The upward revision came from smaller declines in business fixed investment and imports, and slightly less inventory run-off.

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