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U.S. Economic Growth Slows to 2.6%
The U.S. gross domestic product expanded by an annualized 2.6% in the fourth quarter of 2018. Economists had predicted a rate of about 2.3%.
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The U.S. gross domestic product expanded by an annualized 2.6% in the fourth quarter of 2018. the Dept. of Commerce reports. Economists had predicted a rate of about 2.3%.
The department’s initial estimate for the period compares with final growth rates of 3.4% in the third quarter and 4.2% in the second. The Commerce Dept. says expansion has been slowed by a drop in consumer spending and a cooling housing market.
Still, full-year expansion in 2018 reached an estimated 2.9%, the best since 2015. And the last quarter’s 2.6% pace compares with 2.3% in October-December 2017.
The department says its price index for gross domestic purchases rose 1.6% in the fourth quarter compared with 1.8% in the previous period. Disposable personal income grew nearly 6% compared with 4% in the third quarter.
The Commerce Dept. will release revised figures based on more comprehensive data at the end of March.
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