GDP Marked Up

The second estimate of fourth-quarter 2011 GDP shows growth of 3%, up from the initial calculation of 2.8%. The contours of growth did not change: a relatively slow expansion in consumer spending, declining outlays in the government sector, a turnaround in inventory investment and housing, and above-average growth in business spending on plant and equipment. In the manufacturing sector, the data for the early part of 2012 are somewhat mixed. Shipments of manufactured products rose 0.9% in January, a reasonably rapid gain. Sales of durables expanded 0.4%, while...

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