NPR : News

Filed Under:

Slow But Better Than Thought: 4th Quarter GDP Revised Up Again

The U.S. economy grew at a 0.4 percent annual rate in fourth-quarter 2012, the Bureau of Economic Analysis reported Thursday morning.

That's better than both of the earlier estimates of how the economy was doing as the year ended. The bureau initially thought gross domestic product dipped at a 0.1 percent rate the last three quarters of the year. Then it said there was growth at a 0.1 percent annual rate. Now, in its final scheduled revision of the fourth-quarter data, it has settled on growth at a 0.4 percent pace.

"Nonresidential fixed investment [was] higher than previously estimated," the bureau says. Or as Bloomberg News puts it, there was a "bigger gain in business spending" than previously thought.

Although the quarter's pace has been revised upward, the 0.4 percent growth is still the lowest for any three-month period since first-quarter 2011's scant 0.1 percent increase.

Also Thursday morning, the Employment and Training Administration reported there were 357,000 first-time claims for jobless benefits last week, up by 16,000 from the previous week's 341,000.

The number of claims basically has ranged between 340,000 and 400,000 since the fall of 2011. It's one in a series of signs that while the economy has been strong enough to be producing jobs at a slow but steady pace, it hasn't been strong enough to bring unemployment down significantly.

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

NPR

How Photos Of Crisis Can Shape The Events They Represent

NPR's Rachel Martin talks with Kira Pollack, director of photography and visual enterprise at Time, about how iconic photos might affect the conversation about the events they have come to represent.
NPR

How Big Egg Tried To Bring Down Little 'Mayo' (And Failed)

Newly released emails from the American Egg Board reveal embarrassing details about its fight against the vegan product Just Mayo. Industry critics say the board's antics may have broken the law.
NPR

New Cellphone Surveillance Safeguards Imposed On Federal Law Enforcement

Federal law enforcement officials will be routinely required to get a search warrant before using secretive and intrusive cellphone-tracking technology under a new Justice Department policy.
NPR

How The Architect Of Netflix's Innovative Culture Lost Her Job To The System

Netflix is famous for pioneering a company culture that demands standout results from every employee. One of the architects of this philosophy ended up losing her job to the system she created.

Leave a Comment

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