NPR : News

Filed Under:

Better Than Nothing? GDP Revised From Slight Drop To Slight Gain

It's not much of a change, but at least it's in the right direction.

The Bureau of Economic Analysis reported Thursday morning that it now thinks the economy grew at a 0.1 percent annual rate in fourth-quarter 2012. A month ago, BEA thought GDP shrank at a 0.1 percent annual rate in those last three months of the year.

Obviously, in an economy that now produces nearly $16 trillion worth of goods and services annually, a 0.2 percentage point revision is basically a blip.

But, the revision does mean that GDP has — technically, at least — grown for 14 consecutive quarters. Growth slowed sharply as the year ended, however, from a 3.1 percent pace in the third quarter. Economists have put some of the blame on superstorm Sandy, which hit New York, New Jersey and surrounding states hard in late October.

According to Reuters, "a slightly better performance" than first thought in exports and fewer imports led to the fourth-quarter GDP revision.

Also Thursday morning, the Employment and Training Administration said there were 344,000 first-time claims for jobless benefits last week. That was down 22,000 from the week before. Bloomberg News thinks that shows "companies were looking beyond looming government spending cuts and maintaining staffing."

Copyright 2013 NPR. To see more, visit http://www.npr.org/.

NPR

In 'Hustling Hitler,' A Jewish Vaudevillian Scams The Third Reich

It seems everyone has one: the eccentric relative much gossiped about. For Walter Shapiro, it's his great-uncle, Freeman Bernstein. The vaudeville manager, boxing promoter, card shark and stock swindler managed to scam the Third Reich. Shapiro writes about this in his new book, Hustling Hitler.
NPR

How The Humble Orange Sweet Potato Won Researchers The World Food Prize

A public health campaign to sell Africans on the virtues of orange-fleshed sweet potatoes — bred for higher Vitamin A levels — has helped combat malnutrition on the continent.
NPR

Fact Check: Trump's Speech On The Economy Annotated

NPR's politics team has annotated Donald Trump's Tuesday speech on the economy.
NPR

Click For Fewer Calories: Health Labels May Change Online Ordering Habits

Will it be a hamburger or hummus wrap for lunch? When customers saw indications of a meal's calorie content posted online, they put fewer calories in their cart, a study finds.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.