Gross domestic product increases in Q4 2009
Monday, February 01, 2010 01:32 AM
Jobless workers dealing with poor finances and bad credit were likely encouraged by a U.S. Bureau of Economic Analysis report on Friday that found a sizable increase in the U.S. gross domestic product during the final months of 2009.According to the BEA, the GDP for the fourth quarter of 2009 increased at an annual rate of 5.7 percent.
The BEA stated that the increase was attributable to a significant amount of positive contributions from private inventory investments, exports, and personal consumption expenditures to offset an increase in imports as well.
The GDP rate, which is the output of goods and services produced by all U.S. labor and property, far surpassed the one taken during Q3 2009 that only measured a 2.2 percent increase.
In a White House blog posting after the release of the data, U.S. Council of Economic Advisors Chair Christina Romer called the GDP report "the most positive news to date on the economy." She added that positive growth would lead to a better job market, but that it would still need help.
"While positive GDP growth is a necessary first step for job growth, our focus must remain on getting Americans back to work," she said. "The President is announcing today the specifics of his plan for a small business jobs and wages tax cut. This policy is designed to encourage businesses to respond to rising demand and output by taking the plunge and hiring new workers again."
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