Economics
U.S. Fourth-Quarter Growth Revised Down to 2.2% From 2.6%
- Consumption, fixed investment lower than initially reported
- Full-year growth of 3% keeps Trump’s milestone intact
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U.S. economic growth cooled by more than initially reported last quarter on revisions to consumer and government spending, signaling mounting challenges to the expansion as it nears a record duration.
Gross domestic product grew at a 2.2 percent annualized rate, Commerce Department data showed Thursday, less than the initial 2.6 percent reading and projections for a revision of 2.3 percent. Consumer spending, the biggest part of the economy, grew at a downwardly revised 2.5 percent pace that also missed projections.