Exports, gross domestic product grew during fourth quarter 2013
Many parts of the United States felt the wrath of the winter over the past four months, but reports from the Commerce Department showed that it didn't slow Americans down from purchasing items during the fourth quarter.
Between October and December, gross domestic product grew 2.6 percent, which is higher than initial estimates, but lower than Bloomberg's estimate of a 2.7 percent increase, the news source explained.
Spending was driven by e-commerce during times when consumers were unable to go to the mall and shop for the holidays, as well as health care supplies to sustain demand once the Affordable Care Act came into effect in 2014.
"The data suggest that the economy has slightly more momentum than previously thought," Markit chief economist Chris Williamson told The Wall Street Journal.
Although fourth-quarter growth was lower than the third quarter, many sectors of the economy saw gains. Exports were up 9.4 percent, while consumer confidence did its part to boost consumer spending by 3.3 percent. Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi added in an interview with the source that "the consumer is back."
Typically the warmer weather encourages more people to leave their homes and go out to shop, have a meal or participate in activities. In Florida's case, this means more people are traveling to the Sunshine State, leaving their worries of snow and cold weather behind.
Americans are feeling more confident about their financial stability, and we want you to feel confident about your business presence as demand picks up.
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