U.S. economy expands 3.2 percent in 4th quarter of -

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U.S. economy expands 3.2 percent in 4th quarter of 2010
The U.S. economy expanded by an annual rate of 3.2 percent in the fourth quarter of 2010, partly boosted by personal consumption and exports, the Commerce Department reported Friday.U.S. real gross domestic product rose at an annual rate of 3.2 percent in the fourth quarter of 2010,[link widoczny dla zalogowanych], quicker than the 2.6-percent pace in the third quarter of 2010. It was the best quarterly showing since the start of last year.For all of 2010,[link widoczny dla zalogowanych], the economy grew 2.9 percent, the most since 2005. It was an improvement from 2009 when the economy suffered its worst decline in more than 60 years.
Increased consumer spending was a key reason the economy grew more strongly. Americans boosted their spending at a 4.4 percent pace,[link widoczny dla zalogowanych], the most since 2006. They spent more on furnishings,[link widoczny dla zalogowanych], appliances,[link widoczny dla zalogowanych], cars and clothes.That's largely why economists are more optimistic about the economy's performance this year. Consumer spending accounts for roughly 70 percent of overall economic activity.
"The increase in real GDP in the fourth quarter primarily reflected positive contributions from personal consumption expenditures,[link widoczny dla zalogowanych], exports,[link widoczny dla zalogowanych], and nonresidential fixed investment that were partly offset by a negative contribution from private inventory investment. Imports,[link widoczny dla zalogowanych], which are a subtraction in the calculation of GDP,[link widoczny dla zalogowanych], decreased," the Commerce Department said.Stronger sales of U.S. exports to foreign buyers was another major force helping the economy at the end of last year. Exports grew at a 10 percent pace,[link widoczny dla zalogowanych], up from a 5.8 percent pace in the July-September quarter. Economists expect sales of exports to continue to provide support for the economy this year.
Business spending on equipment and software also helped growth in the October-December quarter. Businesses also started spending again on home building and commercial construction projects after deep cutbacks.Government spending, however,[link widoczny dla zalogowanych], stopped being a source of growth for the economy at the end of last year. It dipped 0.6 percent in the October-December quarter _ the first drop since the start of 2010.
Gold bounces off as clashes in Egypt spur flight to safety
Gold futures on the COMEX Division of the New York Mercantile Exchange jumped the most since Nov. 4 on Friday, as the violent protests in Egypt buoyed up investor's demand for the relative safety of the precious metal. Silver and platinum both climbed.The most active gold contract for April delivery surged 21.9 dollars,[link widoczny dla zalogowanych], or 1.7 percent,[link widoczny dla zalogowanych], to 1,[link widoczny dla zalogowanych],341.7 dollars per ounce.
Gold regained steam on Friday as violence escalated in two cities near the Egyptian capital Cairo prompted investors to dump their stocks and flee to safer assets like gold and greenback.A trader mentioned the rising concerns that the political turmoil in Egypt may soon spread throughout the Middle East and North Africa, causing oil price hikes,[link widoczny dla zalogowanych], also offered a strong boost to the precious metal,[link widoczny dla zalogowanych], as investors typically look at gold as a safe haven during times of political and economic uncertainty.
Gold has lost more than 7 percent this year, as investors gained confidence on global economic recovery and transferred their money from gold to riskier assets. A trader noted that the recent deep correction also prompted many bargain-hunters to step in on Friday.Silver futures for March delivery surged 88.8 cents,[link widoczny dla zalogowanych], or 3.3 percent,[link widoczny dla zalogowanych], to 27.919 dollars per ounce. April Platinum added 1.5 dollars,[link widoczny dla zalogowanych], or 0.1 percent,[link widoczny dla zalogowanych], to 1805 dollars per ounce.
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