by Calculated Risk on 1/28/2021 08:33:00 AM

From the BEA: Gross Domestic Product, Fourth Quarter and Year 2020 (Advance Estimate)

Real gross domestic product (GDP) increased at an annual rate of 4.0 percent in the fourth quarter of 2020, according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 33.4 percent. ...

The increase in real GDP reflected increases in exports, nonresidential fixed investment, personal consumption expenditures (PCE), residential fixed investment, and private inventory investment that were partly offset by decreases in state and local government spending and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
emphasis added

The advance Q4 GDP report, with 4.0% annualized growth, was at expectations.

I'll have more later ...