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U.S. Economy Expanded 2.4% Last Year
America’s gross domestic product expanded 2.4% last year, the same as in 2014, according to the U.S. Dept. of Commerce.
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America’s gross domestic product expanded 2.4% last year, the same as in 2014, according to the U.S. Dept. of Commerce.
GDP grew by an upwardly adjusted 1.4% from the third to fourth quarter. Last month the Commerce Dept. estimated the quarterly growth at 1%, compared with 2% from the second to third quarter. The department says the upward adjustment reflects stronger consumer spending, which accounts for about two-thirds of U.S. economic output.
Consumer spending climbed 3% in 2015, the biggest increase in a decade. Corporate profits also grew 3% last year, but they shrank 8% in the fourth quarter. Economists blame the impact of a strong dollar, rising wage pressures and low energy costs.
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