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U.S. Economic Expansion Slows
America’s gross domestic product grew by an annualized 1.9% in the fourth quarter last year, down from 3.5% in the third period, the U.S. Bureau of Economic Analysis reports.
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America’s gross domestic product grew by an annualized 1.9% in the fourth quarter last year, down from 3.5% in the third period, the U.S. Bureau of Economic Analysis reports. Economists had expected at least 2% growth in October-December.
BEA says increased consumer spending (3%) was largely offset by slower government spending (1.3%), combined with a drop in exports and increase in imports.
GDP for the full year rose by a modest 1.6% in 2016 compared with 2.6% growth in 2015. The year caps seven years of growth, but at the weakest pace in nearly 70 years. President Trump has vowed to achieve 4% growth this year, in large part by reducing taxes, easing regulations and increasing federal spending.
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