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U.S. Fourth-Quarter Growth Gets a Downward Tweak
The U.S. gross domestic product grew 2.2% in the fourth quarter of 2018, down from an initial estimate of 2.6%, the Dept. of Commerce says.
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The U.S. gross domestic product grew by an annualized 2.2% in the fourth quarter of 2018, down from an initial estimate of 2.6%, the Dept. of Commerce says.
Revised expansion for the full year 2018 was 2.9%, compared with 2.2% in 2017. The consumer price index, which rose 2.3% in 2017, advanced 2.2% last year.
The Commerce Dept. attributes its revised fourth-quarter figures to consumer spending that was weaker than originally estimated, especially on durable goods such as vehicles. On the other hand, imports were more modest than initially thought, which bolstered GDP.
Corporate profits from current production fell $10 billion in October-December after growing $78 billion in the third quarter, according to the department.
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