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