America beats expectations

The US economy grew more than we thought at the end of last year, with consumers in the driver's seat.

The third and final estimate of gross domestic product for the fourth quarter was 1.4%, according to a Commerce Department release Friday.

This was higher than the 1% annualized pace reported in the second estimate and expected by economists.

The report showed that consumer spending continued to propel the economy, at the same time as exports and local government spending fell.

Personal consumption grew 2.4%, higher than the 2% gain earlier reported.

Core personal consumption expenditures (PCE) - a gauge of individual spending - was 1.3%, unchanged from the second estimate.

This release also had the first snapshot of corporate profits in the fourth quarter. Adjusted, pre-tax profits fell at a 7.8% annual rate, and 3.1% for all of 2015, the highest since 2008.

A big Q4 decline had been expected, but the catch was a $20.8 billion penalty that BP paid over the 2010 oil spill in the Gulf of Mexico. The company reported its biggest annual loss in two decades.

And so even though falling corporate profits are a recession signal for some, there probably isn't cause for alarm.

This is about the only thing happening in markets and economics today, as traders take time out for Good Friday.

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