- The strength of the recovery was greater than anticipated - one survey noted in the article indicated that economists only expected a 4.7% recovery.
- On the whole, the economy of 2009 shrank 2.4%. This is the first yearly decline since 1991.
- 3.4% of the growth in 2009 came with an increase in business inventories, which were slashed in 2008 and the first half of 2009 as consumer demand dropped.
- Consumer spending, which is 2/3 of the GDP, only grew by 2% in the 4th quarter, relatively sluggish growth.
- The growth, though clearly good news, will not continue at this rate in the future.
- The unemployment rate is still around 10%, and most do not expect it to significantly drop for some time.
Friday, January 29, 2010
Huge news today, as the 4th quarter GDP jumped 5.7%, the highest growth in 6th years. Here are the bullets: