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Monday, March 28, 2011

Final read on Gross Domestic Product much stronger

Fourth quarter GDP grew at an annual pace of 3.1 percent, up from the Bureau of Economic Analysis' previous estimate of 2.8 percent, led by stronger consumer spending.

Consumer spending rose 4 percent, the biggest increase since the fourth quarter of 2006. Inventory investment and business investment were both also revised upward, while exports of goods and services were revised lower.

Corporate profits rose 2.3 percent in the fourth quarter, led by banks and other financial firms. The financial services sector saw profits rise 15.6 percent.

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