U.S. Q4 GDP unexpectedly revised higher, personal income increasedStaff writer ▼ | February 27, 2016
The second estimate of U.S. economic growth in the fourth quarter was unexpectedly revised higher, the Commerce Department revealed.
The fourth quarter The second estimate of U.S. economic growth
Positive contributions from personal consumption expenditures, residential fixed investment, and federal government spending were partially offset by negative contributions from exports, non-residential fixed investment, state and local government spending, and private inventory investment, the report stated.
Data released by the Commerce Department showed U.S. personal spending rose 0.5% in January, beating economists' expectations for a 0.3% increase. Personal spending had advanced 0.1% in December.
Personal income also rose 0.5% in January from December, surpassing expectations for a 0.4% gain.
Meanwhile, the core personal consumption expenditure (PCE) price index was up 0.3% on the month in January, and 1.7% on the year, versus expectations for 0.2% and 1.2% gains, respectively. ■