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U.S. Economy Expands 1%
America’s gross domestic product expanded by an upwardly revised 1% in October-December last year, according to the U.S. Dept. of Commerce’s Bureau of Economic Analysis.
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America’s gross domestic product expanded by an upwardly revised 1% in October-December last year, according to the U.S. Dept. of Commerce’s Bureau of Economic Analysis.
The bureau initially figured last year’s fourth-quarter growth at 0.75%. The new data adjusts for a bigger decline in imports and a greater investment in business inventories than originally estimated.
Economists predict GDP will grow faster in the current quarter, perhaps by as much as 2.5%, bolstered by job and wage growth.
Consumer spending, which accounts for about two-thirds of the American economy, grew by an annualized 2.0% in the fourth quarter last year, down 0.2 points from the bureau’s previous estimate. The office also reports that consumer spending rose 0.5% from December to January, its strongest performance in eight months.
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