Investing.com - The U.S. economy grew at a faster rate than initially estimated during the final three months of 2011, official data showed on Wednesday.
In a report, the Bureau of Economic Analysis said gross domestic product increased at a seasonally adjusted annual rate of 3.0% during the fourth quarter, up from a preliminary estimate of 2.8%.
Analysts had expected the second estimate of U.S. gross domestic product to remain unchanged at 2.8%.
The data primarily reflects an upward revision to personal consumption, which grew 2.1% compared to a previous estimate of 2.0% and confounding expectations for a 1.9% increase.
Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The report showed that the GDP price index rose by 0.9% in the fourth quarter, up from 0.4% in the third quarter.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.14% to trade at 1.3438.
Meanwhile, U.S. stock index futures added to modest gains. The Dow Jones Industrial Average futures indicated a rise of 0.15%, S&P 500 futures added 0.2%, while the Nasdaq 100 futures signaled a 0.15% gain.
In a report, the Bureau of Economic Analysis said gross domestic product increased at a seasonally adjusted annual rate of 3.0% during the fourth quarter, up from a preliminary estimate of 2.8%.
Analysts had expected the second estimate of U.S. gross domestic product to remain unchanged at 2.8%.
The data primarily reflects an upward revision to personal consumption, which grew 2.1% compared to a previous estimate of 2.0% and confounding expectations for a 1.9% increase.
Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The report showed that the GDP price index rose by 0.9% in the fourth quarter, up from 0.4% in the third quarter.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.14% to trade at 1.3438.
Meanwhile, U.S. stock index futures added to modest gains. The Dow Jones Industrial Average futures indicated a rise of 0.15%, S&P 500 futures added 0.2%, while the Nasdaq 100 futures signaled a 0.15% gain.