The U.S. economy grew in the fourth quarter at a faster pacethan last estimated, helped by an upward revision to householdspending on services and a smaller drag from inventories, accordingto Commerce Department data released Wednesday.
The revisions to GDP, the value of all goods and services producedin the U.S., indicate the economy was on a solid footing cominginto the current quarter.

The report also included the first look at the health ofcorporate America toward the end of 2017. The gain in fourth-quarter profits from a year earlier, together with lower corporatetaxes following the tax overhaul signed by President Donald Trumplate last year, bodes well for business investment andemployment.

Household purchases, which account for about 70% of the economy,also are likely to be supported in coming months by biggerafter-tax paychecks and the robust labor market. Continued gains inconsumer spending and business investment will help to sustain theexpansion even as GDP growth is projected to cool somewhat in thefirst quarter.