Home / Business / The US economy grew at a rate of 2.6% in the fourth quarter

The US economy grew at a rate of 2.6% in the fourth quarter



The US economy grew 2.6% this winter, exceeding analysts' expectations of 2.3%, thanks to strong consumer and business spending.

The release of the fourth quarter GDP by the Bureau of Economic Analysis (BEA) was delayed nearly a month due to the partial closure of the government for 35 days, the longest in US history.

In 2018, GDP grew by about 2.9% (compared to 2.2% in 2017), just short of the 3% growth target set by the Trump administration for the 39; year.

Although GDPNow, a real-time monitoring tool monitored by the Federal Reserve in Atlanta, initially forecast 2.8% growth, it revised the rate to 1.8% on Tuesday, mainly because of the bleak outlook. retail sales.

MORE FOXBUSINESS.COM …

In mid-February, US retail sales recorded their largest decline in more than nine years, raising fears of an economic slowdown and a decline in consumer spending at the end of 2018. According to the Commerce Department, retail sales fell 1.2%, the largest decline since September 2009, as the United States was still recovering from the Great Recession.

The BEA generally provides three GDP estimates for each quarter; however, they will only provide two readings this quarter. The final reading is on track for March 28th.

CLICK HERE TO GET THE FOX BUSINESS APP

From July to September, the US economy grew by 3.4%.


Source link