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U.S. Q4 final sales up 4.2%
U.S. Q4 disposable incomes up 5.4%
U.S. Q4 consumer spending up 4.4%
U.S. Q4 business investments fall 0.4%
U.S. Q4 housing investments down 19.2%, most in 15 years
U.S. Q4 consumer prices fall 0.8%, first drop in 45 years
U.S. Q4 core consumer inflation up 2.1%
U.S. Q4 GDP fueled by consumers, trade gap, military
U.S. Q4 GDP up 3.5% vs. 3% expected
U.S. 2006 GDP up 3.4% after 3.2% in 2005

ECONOMIC REPORT: GDP surges at 3.5% rate in fourth quarter; Consumer prices fall for first time in 45 years
By Rex Nutting, MarketWatch Last Update: 8:31 AM ET Jan 31, 2007

WASHINGTON (MarketWatch) - The U.S. economy shook off a summer slump and surged ahead at a faster-than-expected 3.5% annual growth rate in the fourth quarter, the Commerce Department estimated Wednesday.
Fed by robust consumer spending, a drop in energy prices and big turnaround in the trade balance, the economy notched its highest growth in a year, offsetting the drag of the weak housing and auto sectors.
The 3.5% growth rate was much stronger than the 2% recorded in the third quarter, and handily beat the 3% expected by economists surveyed by MarketWatch.
Consumer prices fell 0.8% annualized in the quarter, the first quarterly decline in 45 years and the biggest drop in 52 years.
The core personal consumption expenditure price index, which excludes food and energy prices, rose 2.1%, slightly above the Federal Reserve's 1% to 2% comfort zone. Core inflation has risen 2.3% in the past year, down from 2.4% in the third quarter. Market-based core inflation rose 1.7% in the quarter.
Final sales of domestic product rose 4.2%. Final sales to domestic purchasers increased 2.4%.
Disposable personal incomes rose 5.4% annualized, with the personal savings rate improving to a negative 1% from 1.2% the previous quarter.
For all of 2006, the economy grew 3.4%, after growing 3.2% in 2005 and 3.9% in 2004.
The report, with its strong growth and temperate inflation, should reassure the Fed that its current interest rate target of 5.25% is appropriate, although the stronger-than-expected growth creates a risk of higher inflation. The Fed has been counting on several quarters of growth below the long-term potential of above 3% to damp down inflationary pressures.
At its announcement at 2:15 p.m. later Wednesday, the Federal Open Market Committee is expected to leave rates steady and caution that higher inflation is its main worry.
Looking ahead, economists currently expect growth to slow to about 2.1% in the first quarter, although they have little hard data to go on at this point.

Details of report
In the fourth quarter, consumer spending rose at an annual rate of 4.4% after 2.8% in the third quarter. Spending on durable goods increased 6%, spending on nondurable goods rose 6.9% and spending on services increased 2.9%.
Consumer spending contributed 3.05 percentage points to growth.
Residential investments fell 19.2%, the largest drop since 1991. Housing subtracted 1.2 percentage points from growth.
Business fixed investment fell 0.4%, the biggest drop in nearly four years. Investments in equipment and software dropped 1.8%, while investments in structures rose 2.8%. Business investments subtracted 0.05 percentage points from growth
The change in inventories subtracted 0.71 percentage points from growth.
Production of motor vehicles subtracted 1.17 percentage points from growth after adding 0.76 percentage points in the third quarter. Final sales of computers added 0.25 percentage points to growth.
Exports increased 10% and imports fell 3.2% in the quarter. The improvement in the net trade position contributed 1.64 percentage points to growth, the biggest contribution in 10 years.
Government spending rose 3.7%, including an 11.9% jump in defense spending, the biggest increase since the beginning of the war. Government spending contributed 0.7 percentage points to growth.


U.S. Q4 employment cost index up 0.8% vs 1.0% expected
U.S. employment cost index up 3.3% in '06

ECONOMIC REPORT: Employment costs rise 0.8% in Q4; Smallest increase since last winter
By Greg Robb, MarketWatch Last Update: 8:31 AM ET Jan 31, 2007

WASHINGTON (MarketWatch) - The costs of employing a worker in the United States moderated in the fourth quarter, the Labor Department reported Wednesday.
Employment costs rose 0.8% in the fourth quarter, down from a 1.0% gain in the third quarter. This is the slowest pace since the first quarter of last year.
Wage costs increased 0.8% in the fourth quarter, also the slowest pace since Q1 2006. Benefit costs rose 1.1%.
The increase in the employment costs index was below expectations of Wall Street economists surveyed by MarketWatch, who forecast a 1.0% gain.
In the third quarter, wage costs had risen 1.0%, with wages up 0.9% and benefits rising 1.1%.
For all of 2006, the employment cost index increased 3.3%, the fastest since 2004. The ECI increased 3.1% in 2005.
Wages increased 3.2% in 2006, up from 2.6% in 2005. Benefit costs rose 3.6%, the lowest annual pace since 1999.
Employment costs are a major cause of worry for the Fed, which theorizes that inflation can only be sustained if workers force their bosses to pay higher compensation, which is then passed on to customers in the form of higher prices.
The Federal Open Market Committee is expected to hold overnight interest rates steady at the end of its meeting later on Wednesday.
But economists said the ECI report would support the Fed continuing to say that inflation is the greatest risk facing the economy.
Real - that is, inflation adjusted - compensation rose 0.8% in 2006.
Real wages rose 0.7% in 2006 and inflation adjusted benefit costs increased 1.0%.
In the fourth quarter, private industry compensation costs rose 0.8%, with wages up 0.7% and benefits rising 1.0%. For government workers, compensation costs increased 1.0%, with wages rising 0.8% and benefits increasing 1.4%.
The employment costs index is a broader measure of compensation costs than the separate series of data on average hourly wages, which cover only about 80% of U.S. workers.
The average hourly earnings data has been much stronger than the ECI report. Over the past 12 months, average hourly earnings have increased at 4.2%, the fastest growth since late 2000.
J. Alfred Broaddus, the former president of the Richmond Fed bank, said in an interview with MarketWatch that the ECI is a better measure of labor costs because the average hourly earnings data is tilted towards specialized workers.
The ECI covers more workers than the average hourly earnings series and covers a greater range of compensation costs, including fringe benefits, bonuses and perks.