US economy grew in Q4 as latest data reveals 0.1% expansion

The US economy expanded by 0.1% in the final quarter of 2012, after the initial estimate of a 0.1% contraction was revised upwards today.

The Bureau of Economic Analysis - delivering its second estimate of GDP growth - revealed a marginal expansion for the world's largest economy. An advance estimate in January said the US economy experienced its first contraction since 2009, but additional data - chiefly on the consumption side - has helped push the reading back into positive territory. The latest data showed consumption increased by 2.1% in the fourth quarter as US consumers increased spending, helping to lift the economy back into expansion territory. Chris Williamson, chief economist at data provider Markit, said...