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U.S. Economy Grew 2.1% in Fourth Quarter
The U.S. gross domestic product expanded by an annualized 2.1% in last year’s fourth quarter, up from an earlier estimate of 1.9% for the period, the Dept. of Commerce reports.
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The U.S. gross domestic product expanded by an annualized 2.1% in last year’s fourth quarter, up from an earlier estimate of 1.9% for the period, the Dept. of Commerce reports.
The department says the higher rate reflects stronger-than-estimated consumer spending. Still, 2.1% growth compares with a 3.5% rate in the previous quarter. The quarter-to-quarter deceleration was due to fewer exports, more imports, less federal government spending and a slower pace for nonresidential fixed investments.
Real gross domestic income grew 1.0% in October-December compared with 5.0% in July-September. The Commerce Dept. says the price index for gross domestic purchases rose 2% in the fourth quarter compared with 1.5% in the third period.
The department’s latest figures for full-year growth in real GDP indicate the American economy’s expansion slowed from 2.6% in 2015 to 1.6% last year.
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