U.S. economy grew 3% in 4Q

   The U.S. economy grew faster than previously thought in the fourth quarter of 2011. According to the U.S. Department of Commerce’s revised forecast, Gross Domestic Product increased 3 percent during the three months ended Dec. 31, up from 2.8 percent in its preliminary estimate, on the strength of consumer and business spending. The Bureau of Economic Analysis noted that exports also contributed to the positive economic growth. Imports were up too, which is considered a negative from a productivity standpoint.
   The output of goods and services during the third quarter increased 1.8 percent.