The U.S. economy ended 2004 with brisk momentum on the strongest surge in corporate profits in three years, the government reported on Wednesday, but upward pressure on prices appeared to be growing.
Gross domestic product, the measure of total output within U.S. borders, grew at a 3.8 percent annual pace in the fourth quarter, the same as estimated a month ago, the Commerce Department said in a final estimate of GDP performance.
That was slightly under the 4 percent pace Wall Street analysts had forecast but still reflected healthy growth, only slightly below the third quarter’s 4 percent rate.
Most private-sector analysts anticipate steady expansion during 2005 but with some drag from rising oil prices as the year wears on.
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