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Source: Financial Times
The US economy grew slightly faster than previously thought in the final quarter of 2011 in another encouraging sign of stable recovery.
The Bureau of Economic Analysis revised its initial estimate of annualised growth in the fourth quarter from 2.8 per cent up to 3 per cent, ahead of market expectations of an unchanged estimate.
But the revision did not change the fundamental picture of a quarter where most growth was due to an inventory build-up and final consumer demand was sluggish. It is unlikely to change US Federal Reserve chairman Ben Bernanke’s views ahead of testimony to Congress on Wednesday morning.