US GDP increases 3.2% in Q4 -13

US real gross domestic product increased at an annual rate of 3.2 percent in the fourth quarter of 2013, official data showed here Thursday. The Department of Commerce indicated that the increase primarily reflected positive contributions from personal consumption expenditures (PCE) and exports. In the third quarter, real GDP increased 4.1 percent. Real GDP increased 1.9 percent in 2013 compared with an increase of 2.8 percent in 2012, according to the Department. Real personal consumption expenditures increased 3.3 percent in the fourth quarter, compared with an increase of 2.0 percent in the third. Real exports of goods and services increased 11.4 percent in the fourth quarter, compared with an increase of 3.9 percent in the third. Real imports of goods and services increased 0.9 percent, compared with an increase of 2.4 percent. The Commerce indicated that during 2013 real GDP increased 2.7 percent. Real GDP increased 2.0 percent during 2012. The price index for gross domestic purchases increased 1.1 percent during 2013, compared with an increase of 1.5 percent in 2012. In this regard, Chairman of the Council of Economic Advisers Jason Furman said in a statement that economic growth was "solid" in the fourth quarter, "a testament to the resilience of American businesses and families." He affirmed that the private sector's strong performance in the fourth quarter "caps off its fastest year of growth since 2003," and over the four quarters of 2013, real GDP grew 2.7 percent, "its strongest rate in three years." "Nevertheless, the unemployment rate is still unacceptably high, and too many Americans are still looking for a job and fighting to make ends meet," Furman stressed. Meanwhile, the Department of Labor indicated that in the week ending January 25, the jobless claims increased to 348,000, up 19,000 from the previous week's revised figure of 329,000. The four-week moving average was 333,000, an increase of 750 from the previous week's revised average of 332,250.