While federal, state and local government spending, private inventory investment and exports were down, personal spending was up by 2.2 percent, more than its 1.6 percent increase in the third quarter.
Nonresidential fixed investments also increased 8.4 percent, reversing a decline in the previous quarter.
But the fourth quarter ended just as lawmakers and the White House were battling over the fiscal cliff. The administration continues to urge Congress to move toward a sustainable federal budget in a responsible way that balances revenue and spending, and replaces the sequester, while making critical investments in the economy that promote growth and job creation and protect our most vulnerable citizens.”
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