The U.S. Department of Commerce has revised its estimate for real gross domestic product growth to 5.9 percent for the fourth quarter, a boost over an earlier estimate of 5.7 percent growth.
The economic indicator may bode well for the trucking industry.

According to a report released by the Bureau of Economic Analysis Friday, the acceleration in real GDP was impacted by a slowdown in the rate at which businesses drew down inventories. The drawdown was much less than in the third quarter of 2009, the BEA said.

Real exports of goods and services gained 22.4 percent in the fourth quarter, up from the third quarter's 17.8 percent boost. Meanwhile, imports were up 15.3 percent, compared with an increase of 21.3 percent in the third quarter.

In addition, business investment saw an uptick in the fourth quarter as a result of a sharp pickup in equipment and software. Imports, however, slowed.

The fourth quarter was also characterized by slowdowns in consumer spending, federal government spending and residential housing, the BEA said.

According to reports by Bloomberg, consumer spending, which contributed 1.23 percent to GDP, was up 1.7 percent in the fourth quarter. Analysts had forecast a 2 percent boost in consumer spending, Bloomberg reports. In the third quarter, consumer spending grew 2.8 percent.

For all of 2009, GDP dropped 2.4 percent, while it gained 0.4 percent in 2008. The BEA attributes the difference to the downturn in business investment and exports and larger declines in inventory investment and consumer spending in 2009.


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