Commerce Department: Economy grew 2.9% in last year’s 4th quarter

The economy grew faster than expected late last year, however recession fears remain.

COLUMBIA, S.C. (WOLO)— The economy grew faster than expected late last year, however recession fears remain.

The Commerce Department reported today Gross Domestic Product, which is the broadest measure of economic activity increased 2.9% in last year’s forth quarter, October to December.

Economists were expecting 4th quarter GDP to grow at a rate of 2.6%. Jobless claims also continued to fall during that time as well.

Even still, the new report didn’t cause much of a reaction on Wall Street and some investors say the new data probably won’t change the minds of policy makers on the Federal Reserve all that much.

A quarter-point interest rate hike next week is still the most likely scenario.