The U.S. economy grew 2.3% last year, the Commerce Department says. That's a slowdown from the previous year — and short of the 3% growth target set by the White House.
Consumer spending continues to be a main driver of economic growth, although consumers were a little more cautious in the final months of 2019.Bryan R. Smith/AFP via Getty Images
Consumer spending continues to be a main driver of economic growth, although consumers were a little more cautious in the final months of 2019.The U.S. economy grew 2.3% last year, theThursday. That's a slowdown from the previous year, when the economy grew 2.9%. And it's well short of the 3% growth target set by the White House.
In the fourth quarter, the economy grew at an annual rate of 2.1%, matching the pace of the previous three months. The"We anticipate that consumer spending, spurred by rising wages and household wealth, will remain strong," CBO Director Phillip Swagel told a House committee on Wednesday."We also expect business investment to rebound as several of the factors that weighed on businesses last year abate.
"That growth rate is lower than the historical average because of long-term demographic trends," Swagel said."The United States is an aging society. That means the growth of our labor force will be slower in the future than it has been in the past." The Trump administration has tried to lure more people into the workforce with a combination of carrots and sticks. The carrots include
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