The GDP figures are backwards looking and revised to the moon so generally not something that important other than for economists - and in this market where none of the data matter (i.e. yesterday's heightened weekly unemployment claims were forgotten within 3 minutes), the data is especially irrelevant. But for the sake of commenting, the first pass at Q4 2010 came in this morning at 3.2% versus expectation of 3.5%. There will be 2 more revisions to this figure and for all we know it could end up being 2.1% or 4.3% by the time they are finished.
Real final sales at 7.1% will be the eye catcher in this report - especially in an economy that is 70% dependent on consumption. The price deflator was only 0.3% versus expected 1.6%. - effectively this is 'inflation' as measured in the GDP.
If this figure holds, the finally tally for the year 2010 will be a gain of 2.9%, versus the drop of 2.6% of 2009. Again the costs (federal spending, Federal Reserve actions) involved in getting GDP this high were immense - it is a very inorganic number.