This is the type of surprise that everyone wants to see except the Republicans, who want failure for the country. It doesn't mean that we're out of the woods and that the economy is in great shape, but it is still a positive development. The GOP has talked down any good news, so let's see how they react to this. Bloomberg:
The U.S. economy expanded more than forecast in the fourth quarter as companies rebuilt inventories in anticipation of growing demand. Gross domestic product climbed at a revised 3 percent annual rate, the most since the second quarter of 2010, Commerce Department figures showed today in Washington. Economists surveyed by Bloomberg News called for no change from the previously reported 2.8 percent gain, according to the median forecast in the Bloomberg News survey. The revision reflected fewer imports and a smaller drop in non-residential investment. Income gains in the second half of 2011 were stronger than previously reported as employment growth accelerated, which may set the stage for a pickup in consumer spending that accounts for about 70 percent of the economy. At the same time, Federal Reserve Chairman Ben S. Bernanke, who testifies before Congress today, said earlier this month that bigger reductions in unemployment depend on faster growth.