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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology US economy surged 5.9 percent in fourth quarter AFP - Saturday, February 27 Send IM Story Print A bar chart showing quarterly and annual changes in the US GDP rate since 2007 WASHINGTON (AFP) - – The US economy surged 5.9 percent in the fourth quarter, stronger than previously estimated, revised government data showed Friday in a report signaling positive momentum entering 2010. The Commerce Department said the economy grew 0.2 percentage points more than its initial estimate of a 5.7 percent annualized growth rate from the third quarter. The slight upward revision to gross domestic product -- a broad measure of the country's goods and services output -- surprised most analysts who had expected no change in the first estimate. The powerful surge in the October-December quarter remained the strongest expansion since 2003. It followed a 2.2 increase in GDP in the third quarter, the first economic growth after four quarters of contraction. The acceleration in GDP growth largely reflected increases in private inventory investment, nonresidential fixed investment and exports that more than offset declines in spending by consumers and the federal government, the report said. Augustine Faucher at Moody's Economy.com said the revised GDP release "lays out the path for the economy over 2010." Inventories will continue to provide a boost to growth in the first half of this year, "as firms need to add to their stocks now that demand has firmed," he said. "This will allow the expansion to continue, but growth will be soft, just enough to make sure that the labor market does not get much worse," he added. The Fed earlier this month revised upward its projections for GDP growth in 2010, estimating a range of 2.8 percent to 3.5 percent as the economy strikes a "moderate pace" of recovery from the worst recession in decades. Briefing.com analysts noted the biggest revision occurred in the investment section, as businesses ramped up production to rebuild inventories pared back in the face of weak demand. "Total private investment grew 48.9 percent in the second release, up from 39.3 percent in the advance estimate. The revisions to investment growth boosted fourth-quarter GDP by 0.81 percentage points," the analysts said in a client note. Inflation remained tame, with the GDP price index revised down 0.2 percentage points to 1.9 percent. Prices rose 1.3 percent in the third quarter. So-called "core" inflation, excluding food and energy prices, climbed 1.3 percent following a 0.3 percent rise in the third quarter. A measure of inflation closely watched by the Federal Reserve -- core personal consumption expenditures prices -- rose 1.6 percent in the fourth quarter, revised up from 1.4 percent. Consumer spending, which drives two-thirds of US economic activity, increased 1.7 percent, slowing from a 2.8 percent rise in the third quarter. "Overall fourth quarter growth (was) still very inventory-driven," said Ian Shepherdson at High Frequency Economics, who described the report as "not very encouraging." For the full-year 2009, the Commerce Department said the economy contracted an unrevised 2.4 percent, the worst performance since 1946, due to the collapse in economic activity in the early part of the year. In 2008 the economy grew a weak 0.4 percent amid a global financial crisis that began with a mortgage crisis in the US housing sector. A separate report Friday highlighted the persistent troubles in the housing market. Sales of existing homes, by far the largest share of the market, fell 7.2 percent in January but were 11.5 percent higher than a year ago, the National Association of Realtors said. 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