Economy Grew at 3.2% Rate in Q4

Spurred by consumer spending and a shrinking trade deficit, the economy grew at a 3.2% annual rate in the fourth quarter. That beats the previous quarter's 2.6% but falls short of analysts' expectations of 3.5%. Still, "a number above 3% should drive a stake through the heart of anyone who still thought that the economy was headed for a double-dip recession," said the chief strategist at Federated Investors. Fourth-quarter consumer spending grew at its fastest pace in almost 5 years, with an annual rate of 4.4%—nearly double the previous quarter’s figure, the New York Times reports.
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