ECONOMY GROWING: The economy great at an annual rate of 3.1 percent in the October-December period, slightly higher than the government's previous estimate.
CONSUMERS SPENDING: The growth was led by a 4 percent rise in consumer spending, the strongest gain in four years. The upward revision from a previous estimate of 2.8 percent growth reflected increased spending on inventories and business investment.
OUTLOOK: Economists believe the economy will grow around 3 percent this year, the best performance since the recession. But that forecast could be jeopardized if energy prices keep rising.