Today, the Bureau of Economic Analysis (BEA) released their second "estimate" of the Q4 2011 GDP report showing that the economy continued to expand at a faster pace than originally estimated with real GDP increasing at an annualized rate of 3.0% from Q3 2011.
On a year-over-year basis real GDP increased 1.62% while the quarter-to-quarter non-annualized percent change was 0.74%.
The latest quarterly results indicate that the most notable source of weakness in the economy came from government defense spending which declined at a rate of 12.1% from Q3 while change in private nonfarm inventories made notable contributions accounting for 1.87% of the percent change of final real GDP while providing the majority of the 20.6% quarter-to-quarter rate of change for the entire Gross Private Domestic Investment category.
That very same category also saw fixed residential investment expand at a rate of 11.5% while fixed non-residential structures declined at a rate of 2.6% over the same period.
Keep in mind that these results are likely very poorly estimated and are sure to be revised notably in following quarters and even years to come.