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WASHINGTON -- Economists are expecting good news when the government reports on GDP Friday.
They predict that economic growth rose at an annualized rate of 3.5 percent in the final quarter of last year. Economists say Americans likely spent more freely from October to December and U.S. companies sold more abroad, giving the economy solid momentum. And that's boosting hopes for a stronger 2011.
John Silvia, chief economist at Wells Fargo says, "I think we are finally on a path of sustainable economic growth."
Stronger spending by consumers is expected to be the main factor behind the economy's better performance. And that's also largely why economists are more optimistic about growth this year.
Looking ahead, economists expect consumer spending will rise 3.2 percent or more for all of 2011. That would compare to a 1.8 percent increase expected for 2010.
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