Economy Grew At A 2.8 Percent Pace In Fourth Quarter 2010
The U.S. economy grew at a 2.8 percent annual rate in the last three months of 2010, the Bureau of Economic Analysis just reported.
That's a downward revision from the bureau's first estimate of fourth-quarter GDP, which pegged the growth rate at 3.2 percent. That broadest measure of the economy's output has now, however, expanded for six consecutive quarters.
Officially, the recession that began in December 2007 ended in May 2009. But with the nation's unemployment rate still hovering near or above 9 percent, it doesn't feel like a recovery to many Americans.
Planet Money follows the economy's ups and downs over here.
Update at 8:38 a.m. ET. Here's the top of The Associated Press report on the news:
"The economy grew more slowly at the end of last year than first thought as state and local governments cut spending more deeply and Americans spent a tad less briskly." Copyright 2011 National Public Radio. To see more, visit http://www.npr.org/.