BEA released Preliminary 2020Q4 GDP as 4.09% growth, a bit higher than 4.01% as Advance figure. CQM forecast adjusted the economic growth rate on the expenditure side upward from 4.15% to 4.46% because personal consumption expenditure (PCE) increased 2.4% in January. However, CQM modified the economic growth rate on the income side downward from 8.69% to 5.87% in 2021Q mainly because wage and salary disbursements in most industries were revised downward considerably due to January personal income. PCA forecast of real GDP growth hardly changed at 6.18% because official economic growth rate in 2020Q4 was revised somewhat from 4.01% to 4.09%. PCA forecast of real GDP will be modified downward by updating January interest rate spread.