US 4th quarter growth revised downward 'unexpectedly'-BBC

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2/25/11, "US growth estimate in surprise downward revision," BBC

"The US Department of Commerce has unexpectedly cut its estimate of fourth-quarter growth to an annualised 2.8%, from 3.2% previously.

Analysts had instead expected the figure to be revised up slightly to 3.3%.

• Lower government spending than previously estimated was the main reason for the downward revision.

Economic growth for the whole of 2010 was also revised down slightly, from 2.9% to 2.8%.

The latest figure for growth in the final three months of last year is the second estimate - the figure

• will be revised again next month....

There are widespread concerns in the US that economic growth is not strong enough to bring down the high unemployment rate, which currently stands at 9%.

Earlier this month, Federal Reserve Chairman Ben Bernanke estimated it would take about 10 years for the unemployment rate

• to fall to a more sustainable
  

5%-6% at current economic growth rates."...

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