The U.S. Commerce Department released gross domestic product (GDP) figures on Friday. The U.S. revised GDP climbed 1.0% in the fourth quarter, up from the preliminary estimate of a 0.4% rise, after a 2.0% in the third quarter.

The upward revision was partly driven by an upward revision to business inventories.

Consumer spending was revised down.

Consumer spending rose by 2.0% in the fourth quarter, down from the previous estimate of a 2.2% increase.

Exports fell 2.7% in the fourth quarter, down from the preliminary estimate of a 2.5% fall, while imports were down 0.6%, down from the preliminary estimate of a 1.1% rise.

The PCE price index increased 0.4% in the fourth quarter, up from the preliminary estimate of 0.1%, after a 1.3% rise in the third quarter.

The PCE price index excluding food and energy costs increased 1.3% in the fourth quarter, up from the preliminary estimate of 1.2%, after a 1.4% rise in the third quarter.

The PCE price index is the Fed's preferred gauge for inflation.