- The U.S. economy slowed more than initially thought in the fourth quarter, keeping growth in 2018 below the Trump administration's 3 percent ...
WASHINGTON,: - The U.S. economy slowed more than initially thought in the fourth quarter, keeping growth in 2018 below the Trump administration's 3 percent annual target, and corporate profits failed to rise for the first time in more than two years.
For all of 2018, the economy grew 2.9 percent as previously reported, despite the White House's fiscal stimulus of US$1.5 trillion in tax cuts and more government spending. Growth last year was the strongest since 2015 and was an acceleration from the 2.2 percent logged in 2017. There are signs the slowdown in growth persisted early in the first quarter, with retail sales rising modestly and manufacturing production and homebuilding tepid.
Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased at a 2.5 percent rate in the fourth quarter instead of the previously reported 2.8 percent pace. Consumer spending remains underpinned by a strong labor market. Government investment fell at a 0.4 percent rate, instead of growing at a 0.4 percent pace as previously reported.
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