Business profits rise as economy continues growth

WASHINGTON – The U.S. economy grew faster than previously estimated in the fourth quarter, boosted by strong consumer spending and business investment in nonresidential structures like factories and health care facilities.

The report from the Commerce Department on Thursday also showed profits rising at a solid clip last quarter, driven by corporations outside the financial sector. Increasing profits, together with rising worker productivity, could encourage companies to retain their employees.

Labor market resilience is underpinning consumer spending, keeping the economy afloat despite dire predictions