The U.S. gross domestic product output grew at a faster pace in the fourth quarter of 2013 than originally predicted, according to the Commerce Department. The country's GDP output rose by a 2.6 percent annual rate during the last three months of 2013.
The numbers during the fourth quarter 2013 are higher than 2.4 percent annual rate the Commerce Departments original predicted. According to USA Today, however, economists were forecasting a 2.7 percent growth during this time period. Chris Williamson, chief economist at Markit, told USA Today many thought the numbers would tumble thanks to the winter.
"The data suggest that the economy had slightly more momentum than previously thought before it was hit by extreme weather at the start of 2014," Williamson said.
Much of the increase is due in part to increased spending from consumers, which rose by a 3.3 percent annual rate, an increase from the original prediction of 2.6 percent. Although spending was up during the end of 2013, some retailers are still waiting until the spring in order to asses how well sales are going to do, according to Bloomberg.
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