Today’s economic numbers beat both the previous periods numbers and economist’s forecasts for this period’s numbers. That’s a good thing.
Bernanke will give his semi-annual economic forecast to the House Financial Services Committee at 10 a.m. today. Who knows is that’s a good thing.
MBA Mortgage Applications
GDP QoQ (Annualized)
GDP Personal Consumption
GDP Price Index
GDP Core Personal Cons QoQ
The U.S. economy expanded more than forecast in the fourth quarter as companies rebuilt inventories in anticipation of growing demand.
Gross domestic product climbed at a revised 3 percent annual rate, the most since the second quarter of 2010. Economists surveyed by Bloomberg News called for no change from the
previously reported 2.8 percent gain
Income gains in the second half of 2011 were stronger than previously reported as employment growth accelerated, which may set the stage for a pickup in consumer spending that accounts for about 70 percent of the economy.
Growth forecasts from the 82 economists surveyed ranged from 2.2 percent to 3.2 percent. The world’s largest economy expanded at a 1.8 percent rate in the prior three months.
Consumer spending grew at a 2.1 percent annual rate, little changed from the 2 percent initial estimate and reflecting a pickup in demand for services.
In the prior three months, incomes climbed 0.7 percent compared with a 1.9 percent slump that was initially reported. Wages and salaries from July through September rose $107.2
billion, up from the $24.8 billion gain initially reported. This helped boost the savings rate to 4.5 percent from a previously reported 3.7 percent. In the third quarter, the rate
was 4.6 percent.
Inventories contributed the largest boost to growth in the final three months of 2011. Stockpiles added 1.88 percentage points to GDP, compared with a previously estimated 1.9 points.
GDP minus inventories, or final sales, rose 1.1 percent.
Factory output rose 0.7 percent in January after a 1.5 percent surge in December, marking the best two-month performance since July-August 2009, Fed data showed earlier this month.
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
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