Another Bear Narrative Dies As GDI/GDP Gap Closes

The pace of US economic expansion during last year's final quarter got a bump on Thursday, when the BEA released the third and final estimate of Q4 GDP. The world's largest economy grew 3.4% in Q4, the update showed, better than the 3.2% from the second estimate (and the 3.3% from the advance read, for anyone old enough to remember January). You can thank the American consumer. The personal consumption component was revised to show a 3.3% gain, better than the prior quarter and the briskest si