Economy Summary Box: Growth revised up for 4th quarter - KMOV.com

Economy Summary Box: Growth revised up for 4th quarter

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By KMOV Web Producer By KMOV Web Producer

ECONOMY GROWING: The economy great at an annual rate of 3.1 percent in the October-December period, slightly higher than the government's previous estimate.

CONSUMERS SPENDING: The growth was led by a 4 percent rise in consumer spending, the strongest gain in four years. The upward revision from a previous estimate of 2.8 percent growth reflected increased spending on inventories and business investment.

OUTLOOK: Economists believe the economy will grow around 3 percent this year, the best performance since the recession. But that forecast could be jeopardized if energy prices keep rising.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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