2010 Q4 GDP adjusted downward to 2.8%. Initial estimates at 3.2%

Last month, the Obama administration claimed success with the 2010 Q4 annualized GDP growth rate estimate from Commerce of 3.2%. Today, Commerce has issued its customary follow-up estimate, and the news is not as bright. Their 2010 Q4 estimate dropped to 2.8%, barely above Q3′s 2.6% — with one more estimate still left: Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 2.8 percent in the fourth quarter of 2010, (that is, from the third quarter to the fourth quarter), according...