U.S. Fourth-Quarter Growth Revised Upward to 2.1% on Consumption

The U.S. economy grew in the fourth quarter at a faster pace than previously reported on higher consumer spending, Commerce Department data showed Thursday in Washington.

The data reinforce the underlying story of the U.S. economy: the seven-year expansion continues to be led by consumers, who are cushioned by a firm labor market and rising confidence. At the same time, rising corporate profits could provide continued momentum for hiring and support further capital investment. Analysts expect first-quarter growth of about 1.9 percent, while the Trump administration has said its policies will eventually result in a 3 percent pace or greater.