Economic Growth Hit 4.6% Last Quarter
The economy closed out 1994 with a bigger head of steam than previously estimated, suggesting it may take longer to moderate the momentum.
The Commerce Department said Wednesday the economy expanded at a 4.6 percent annual rate in the fourth quarter last year, propelling 1994 to the strongest full year of growth in a decade. The quarterly advance was slightly more robust than the government’s earlier estimate of 4.5 percent for the October-December period.
It may take longer than previously anticipated to slow the economy’s galloping pace, analysts said, particularly since inventory buildup was much less than reported by the Commerce Department a month ago.