Up from 2.6 percent in Q3.
This according to the Bureau of Economic Analysis here, which issued the customary caution:
The Bureau emphasized that the fourth-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency . . .. The "second" estimate for the fourth quarter, based on more complete data, will be released on February 25, 2011.
When you consider that for all of 2010 GDP is estimated in some quarters at about only 2.9 percent overall, the economy is barely treading water seeing that GDP was negative 2.6 percent in the previous year, 2009. And to get it there it's been thrown a life preserver in the form of extreme government spending, loans and guarantees worth trillions upon trillions of dollars. We're not working on our third consecutive trillion-dollar-plus deficit for nothing.
Applying these paddles and shots to the heart of the American economy has the patient out of intensive care, but its condition is still serious.
It's still a sham GDP for a sham economy.
