US growth data for the fourth quarter of 2012 was revised up again to an annualised rate of 0.4 per cent, providing further evidence that the US economy did not take a dip at the end of last year.
The third revision comes after an initial estimate that the economy shrank 0.1 per cent. That was later revised to growth of 0.1 per cent.
But the quarter was still dragged down by big falls in defence spending and business inventories, both of which analysts regard as temporary, suggesting that underlying growth continued at a slow but steady 2 per cent.
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