GDP Grows at 6.1 Pct. Annual Rate
WASHINGTON (AP) _ The U.S. economy grew at a sizzling 6.1 percent annual rate in the final three months of 1998, the fastest pace in nearly 15 years, as America capped off a remarkable year in which it not only withstood the global financial crisis but actually prospered.
The Commerce Department reported today that the broadest measure of economic health, the gross domestic product, grew more rapidly from October through December than previously believed.
Growth in GDP, the nation’s total output of goods and services, had been originally reported at 5.6 percent for the fourth quarter. Today’s upward revision reflected a slightly better performance in trade than originally thought.
Recent economic reports have shown that the economy has kept up its momentum in the first part of this year. On Thursday, the government said orders to American factories for manufactured goods shot up 3.9 percent in January while sales of existing homes climbed to an all-time high.