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Fourth-quarter U.S. GDP growth revised up to 3%

Fourth-quarter U.S. GDP growth revised up to 3% (by Jeffry Bartash)

WASHINGTON (MarketWatch) - The U.S. economy grew 3% in the fourth quarter, faster than originally reported, mainly because of increased commercial construction and consumer spending and lower imports, the government reported Wednesday. It was still the fastest increase in a year and a half, according to revised Commerce Department data. Economists surveyed by MarketWatch projected GDP growth would be revised down to 2.7% from an initial reading of 2.8%. Real final sales in the U.S., which exclude imports and inventories, rose 1.1% instead of 0.9% as originally reported. Inventories, a major source of fourth-quarter growth, totaled $54.3 billion instead of $56 billion as initially reported. Inflation as measured by the consumer PCE index rose 1.2% in the fourth quarter, or by 1.3% on a "core" basis if food and energy are excluded. Real disposable income climbed 1.4% in the fourth quarter, compared with an earlier reading of 0.8%. The personal savings rate was 4.5%, up from an initial estimate of 3.7%.