U.S. growing at 2-3 percent rate: Geithner

[dipsydoodle]

(Reuters) - U.S. Treasury Secretary Timothy Geithner pressed Europe on Friday to boost its bailout fund resources, citing the euro zone debt crisis and oil prices as the two main factors influencing the pace of the United States' economic upturn.

The U.S. economy is growing at an annual rate of around 2-3 percent, Geither told the World Economic Forum in Davos, adding that it still faces big challenges to repair damage wrought by the financial crisis.

Earlier on Friday, euro zone finance officials voiced optimism at the Forum that key building International Monetary Fund could help support Europe through its debt crisis if the euro zone boosts its bailout funds, or "firewall," he said.

"Our view is that the only way Europe is going to be successful in holding this together is for them to bring a stronger firewall and that is going to demand a bigger commitment," Geithner told the Forum.

http://www.reuters.com/article/2012/01/27/us-davos-geithner-idUSTRE80Q0MT20120127

[alp227]

1. Guardian: US economy picked up pace in final quarter of 2011 with 2.8% growth

The US economy accelerated sharply in the fourth quarter of 2011, expanding at an annual rate of 2.8%, just as growth in Europe was grinding to a halt.

Official figures showed that GDP expanded by around 0.7% quarter-on-quarter in the last three months, or 2.8% if the growth rate was maintained for a year. Although a slightly weaker performance than Wall Street investors had expected, it was still far stronger than the UK, where the economy contracted at the end of 2011.

full: http://www.guardian.co.uk/business/2012/jan/27/us-economy-pace-final-quarter

[Dr_Scholl]

3. Yeah right.

In a month or so, it'll be revised down to 2% or less like it always is.

[former9thward]

2. 2011 GDP was 1.7%

2010 was 3%. http://www.businessinsider.com/2011-gdp-2012-1