"This [GDP figure] shows a steady improvement despite all the volatility in stock prices we had last year and shows that we are nowhere near lapsing back to recession"
- Tim Ghriskey, chief investment officer at Solaris Group
The U.S. economy expanded at a faster pace than expected, adding to signs the recovery is gaining steam. Gross domestic product grew three per cent in the fourth quarter, announced the Bureau of Economic Analysis on Wednesday.
"The improvement in the economy in recent months has been encouraging, although the path ahead will require the economy to push forward in the face of a global economic slowdown," says Jim Baird, Plante Moran Financial Advisors' chief investment strategist.
"This shows a steady improvement despite all the volatility in stock prices we had last year and shows that we are nowhere near lapsing back to recession," said Tim Ghriskey, chief investment officer at Solaris Group in New York.
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