- THE MAGAZINE
WASHINGTON--The economy grew at an annual rate of 1.7 percent, the U.S. Department of Commerce announced. The latest reading shows the expansion was at a faster pace than previously estimated. The Commerce Department (www.home.doc.gov) initially estimated that the economy grew at tiny 0.2 percent rate in the fourth quarter, and a month ago that was revised to a 1.4 percent rate.
According to a University of Michigan conditions index, consumer sentiment in March reached its highest level since December 2000. Its final consumer sentiment index rose to 95.7 from 90.7 in February. Forecasts were for a rise to 95.1.
The university's current conditions index, which measures consumers' attitudes about their present financial situation, surged to 100.4 from 96.2 in February. The expectations index, which tracks Americans' attitudes about the 12 months ahead, jumped to 92.7 from 87.2.