Economy grows at fastest pace in 6 years

The U.S. economy grew at a faster-than-expected 5.7 percent pace in the fourth quarter, the quickest in more than six years, as businesses made less-aggressive cuts to inventories and stepped up spending.

The robust performance closed out a year in which the economy contracted 2.4 percent, the biggest decline since 1946.

After falling off a cliff at the start of the year, U.S. gross domestic product turned higher in the third quarter, and the quickening fourth-quarter pace reported by the Commerce Department today suggested a sustainable recovery was building.

U.S. stocks opened higher on the surprisingly strong data, while Treasury debt prices deepened losses. U.S. dollar rose against the yen. Economists had expected GDP to rise at a 4.6 percent pace.

Getting the economy on a sustainable growth track remains one of the key challenges facing President Barack Obama, who on Wednesday outlined a raft of measures to create jobs and nurture the recovery.

(Via MSNBC)

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