US economic growth slows less than expected in fourth quarter
WASHINGTON: The US economy kicked into high gear last year, recording the strongest growth in 13 years in the wake of sweeping tax cuts and fiscal stimulus, government statistics showed Thursday .
The fourth-quarter result, which marked the second quarterly slowdown in a row, was still better than expected, as economists had predicted lackluster consumer spending over the holiday period would take a deeper cut out of growth. The Commerce Department said while it could not quantify the full effects of the shutdown, it estimated the partial closure had subtracted about one-tenth of a percentage point from fourth-quarter GDP growth through"a reduction in the labor services supplied by federal employees and reduction in intermediate purchases of goods and services by nondefense agencies."
The slowdown comes at time when the economy's outlook is also being clouded by signs of cooling global demand and uncertainty over Britain's departure from the European Union. The trade dispute has combined with a strong dollar and weakening global demand to undercut export growth. It also led cautious businesses to hoard imports, causing the trade deficit to widen.
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