Today, the Department of Commerce reported economic growth of 5.9% for the last quarter of 2009 (up from its earlier estimate of 5.7%). This represents a large change in direction from when President Obama took office and the economy was shrinking by -6.4% and is another encouraging sign that actions by the Obama Administration and this Congress are working to turn the economy around:
The Wall Street Journal reports:
the U.S. economy looks to be on the mend. The Commerce Department is expected to report that U.S. gross domestic product rose at a 5.9% annualized pace in the fourth quarter, according to forecasters polled by Dow Jones, up from its prior 5.7% estimate…Growth of nearly 6% is a notable turnaround from the deep declines seen during the recession… Yet firmer business and consumer spending along with export growth should ultimately provide support for a self-sustaining recovery this year, many economists said. Macroeconomic Advisers sees GDP growth of about 4% this year.
The U.S. economy expanded at a 5.9 percent annual rate in the fourth quarter, more than the government reported last month, reflecting stronger business investment and a greater contribution from inventories. The rise in gross domestic product… marked the best performance in more than six years…Inventories added 3.88 percentage points to GDP, more than previously reported, and investment in software and equipment grew at the fastest pace in almost a decade.
This economic growth is critical to job creation and putting Americans back to work. And more must be done. Congress will continue to take additional steps to spur job growth and strengthen our economy, with action on the Senate jobs bill, along with additional measures, soon.