Simply Politics and News

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"The data shows that the necessary transition from government stimulus to private sector spending is under way, which is essential to sustain the economic expansion," said Stuart Hoffman, chief economist at PNC Financial Services Group in Pittsburgh.

The economic picture was further brightened by a jump in Midwest business activity in January to its highest level in four years, while consumer confidence hit a two-year high.

But even with inventories stripped out, the economy expanded at an annual rate of 2.2 percent, accelerating from the 1.5 percent increase in the third quarter. That reflected relatively strong performance from other segments of the economy, particularly business investment.