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| Version 1 | Version 2 |
|---|---|
| US economic growth revised down | US economic growth revised down |
| (about 4 hours later) | |
| US economic growth has been revised down to an annualised rate of 5.6% for the fourth quarter of 2009, official figures show. | |
| This is the rate of economic growth for the three months that assumes the same level for a full 12 months. | This is the rate of economic growth for the three months that assumes the same level for a full 12 months. |
| It was revised down from 5.9%, in the US Commerce Department's third estimate of fourth-quarter GDP. | It was revised down from 5.9%, in the US Commerce Department's third estimate of fourth-quarter GDP. |
| The main factors behind the revision were weaker personal and government consumption, and lower investment. | The main factors behind the revision were weaker personal and government consumption, and lower investment. |
| The figure is significantly up on the 2.2% annualised rate of growth seen in the third quarter and is the strongest reported since the third quarter of 2003. | The figure is significantly up on the 2.2% annualised rate of growth seen in the third quarter and is the strongest reported since the third quarter of 2003. |
| The Commerce Department said that the acceleration in inflation-adjusted growth or "real GDP" was chiefly due to a slowdown in the rate at which business drew down on its inventories. But there were other factors. | The Commerce Department said that the acceleration in inflation-adjusted growth or "real GDP" was chiefly due to a slowdown in the rate at which business drew down on its inventories. But there were other factors. |
| "The pickup in real GDP also reflects rebounds in business investment in equipment and software and in net exports," the Commerce Department said. | "The pickup in real GDP also reflects rebounds in business investment in equipment and software and in net exports," the Commerce Department said. |
| There was muted response to the revision on the US markets however. | |
| Half way through trading on Friday, New York's Dow Jones Industrial Average was up just 8 points, or 0.07%, while the broader S&P 500 was almost unchanged. |