Manufacturing Expands

Real GDP grew at an annualized rate of 2.8% in fourth-quarter 2010 and gained 2.8% for the entire year. Fourth-quarter growth was slightly lower than the previous forecast of 3.2% due to slower expansion in consumer spending and a larger decline in state and local government outlays. Total government spending dropped an annualized 1.5% in the fourth quarter. Productivity also rose a solid 2.6% in the fourth quarter and 3.9% for the entire year. This follows an equally rapid gain of 3.7% in 2009. Manufacturing productivity advanced 6.7% in 2010, after a 2.4% gain...

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