Q4 GDP Growth Revised Up To 3.1%

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Real GDP growth for the fourth quarter of 2010 was revised upwards by the commerce department to an annualized growth rate of 3.1% from a previous estimate of 2.8%. The revision was in-line with economists' expectations. Corporations' before tax profits from current production fell to an annualized rate of $1.8 trillion in the fourth quarter, down 2.6% from the third quarter. For the full year however, corporate profits were up 29.2%, in contrast to a decrease of 0.4% in 2009. Taxes on corporate profits were up a whopping 63.4% in 2010, in contrast to a decrease of 17.3% in 2009.