Consumers Push Economy 1.4% Higher In 4Q 2015

The American economy grew 1.4% in the 4th quarter, higher than expected.

A group of economist from Bloomberg had a forecast a 1% growth with the probable range of no change to 1.4%, so the highest expectations were achieved for the last fiscal quarter of 2015.

Friday’s report offered a first look at corporate profits for the period. Pre-tax earnings declined 7.8 percent, the most since the first quarter of 2011, after a 1.6 percent decrease in the previous three months.

Household spending is the catalyst for this growth.

“It’s really U.S. consumers who are powering the global economy forward at this point,”
-Gus Faucher, PNC Financial Services Economist

Read more here: http://www.bloomberg.com/news/articles/2016-03-25/u-s-economy-grew-1-4-in-fourth-quarter-supported-by-consumers