{"id":282072,"date":"2011-02-25T14:36:01","date_gmt":"2011-02-25T14:36:01","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/25\/economic-growth-revised-sharply-lower\/"},"modified":"2011-02-25T14:36:01","modified_gmt":"2011-02-25T14:36:01","slug":"economic-growth-revised-sharply-lower","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/25\/economic-growth-revised-sharply-lower\/","title":{"rendered":"Economic growth revised sharply lower"},"content":{"rendered":"<p><div readability=\"84.3393939394\">    <!-- KEEP --><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/5035fa8b022511.top_.gif\" alt=\"chart_gdp_022511.top.gif\" width=\"475\" height=\"266\" border=\"0\" class=\"cnnstoryImageFull\" \/><span id=\"fb-recommend\"\/><br \/>\n<span>By Annalyn Censky, staff reporter<\/span><span>February 25, 2011: 9:35 AM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><!--endclickprintexclude--><!-- CONTENT --><\/p>\n<p>NEW YORK (CNNMoney) &#8212; Budget cuts by state and local governments hurt the economy more than originally thought, according to a government release Friday.<\/p>\n<p>Gross domestic product, the broadest measure of economic activity, was revised lower to an annual growth rate of 2.8% in the three months ending in December. The initial reading had been for a <a href=\"http:\/\/money.cnn.com\/2011\/01\/28\/news\/economy\/gdp\/index.htm\">3.2% growth rate in the period<\/a>.<\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p>That&#8217;s a surprising dip, given that economists were expecting the rate to be revised upward to 3.3%.<\/p>\n<p>Lower state and local government spending was the main drag, falling 2.4% during the quarter, compared to a 0.9% drop originally reported.<\/p>\n<p>Consumer spending was also weaker than initially reported, and was revised down to a 4.1% growth rate, from 4.4%. <\/p>\n<p>The lower GDP number isn&#8217;t a reason to be alarmed, economists say.<\/p>\n<p>&#8220;It&#8217;s kind of ancient history, given we&#8217;re now two-thirds into the first quarter,&#8221; said Paul Ashworth, chief U.S. economist with Capital Economics. &#8220;If anything, we still expect growth to be stronger in the first quarter.&#8221; <\/p>\n<p>Despite its weaker points, the report still contained a robust reading on domestic demand, and that&#8217;s encouraging, said David Resler, chief economist with Nomura Securities.<\/p>\n<p>Real final sales of domestic product grew at a rate of 6.7% during the quarter. While that&#8217;s slightly lower than the 7.1% previously estimated, it&#8217;s still strong, especially given that the rate stood at a mere 0.9% in the third quarter.<\/p>\n<p>&#8220;It&#8217;s a sign to me that demand has turned a corner in the fourth quarter,&#8221; Resler said. &#8220;The private sector seems to be on a roll here, and we&#8217;re seeing evidence of that through most other economic indicators.&#8221;<\/p>\n<p>The government calculates GDP as a measure of goods and services produced in the United States. The number is backward looking and is often revised multiple times. This is the second reading for the fourth quarter.\u00a0<a href=\"http:\/\/money.cnn.com\/2011\/02\/25\/news\/economy\/gdp_revision\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/0e63013ebug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p><!-- \/CONTENT --><!--startclickprintexclude--><!--startclickprintexclude--><br \/>\n<!--endclickprintexclude--><\/p>\n<p>First Published: February 25, 2011: 8:39 AM ET<\/p>\n<p><!--endclickprintexclude--><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/5035fa8b022511.top_-150x150.gif\" \/><\/p>\n<p>Original post:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/LhSMHdIRyKQ\/index.htm\" title=\"Economic growth revised sharply lower\" rel=\"noopener noreferrer\">Economic growth revised sharply lower<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> By Annalyn Censky, staff reporter February 25, 2011: 9:35 AM ET NEW YORK (CNNMoney) &#8212; Budget cuts by state and local governments hurt the economy more than originally thought, according to a government release Friday. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-282072","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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