From the FINANCIAL TIMES:
The US economy was in a stronger position than previously thought at the end of last year, but American consumers are showing signs of renewed pessimism, clouding the outlook for the US recovery.
US gross domestic product grew at an annualised rate of 3.1 per cent in the fourth quarter of 2010, a more rapid clip than the earlier estimate of 2.8 per cent growth, the commerce department said on Friday, offering confidence that the economy was better placed to withstand the threat of external factors to its momentum – from upheaval and war in the Middle East to the earthquake in Japan.
But the upward revision on America’s economic output was tempered by a sharp drop in the widely followed Thomson Reuters/ University of Michigan consumer sentiment index, which fell this month to its lowest reading since November of 2009…
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