US growth revised higher for last quarter of 2016, but still slower than earlier
An up-tick in consumption and business inventory investment sees the final estimate for fourth-quarter GDP growth rise to 2.1%, an upward revision of 0.2 points
Washington —he US economy grew slightly faster in the last three months of 2016 than originally reported, but still experienced a significant slowdown, the US Commerce Department reported on Thursday. An up-tick in consumption and business inventory investment saw the final estimate for fourth-quarter GDP growth rise to 2.1%, an upward revision of 0.2 points from the last report. Analysts had been expecting a revision of only a tenth of a point. Falling exports and declining spending by the federal government, nevertheless, put fourth-quarter growth well below the July to September period, which saw brisk expansion of 3.5%. For all of 2016, the economy grew 1.6%, the slowest pace since 2011 — that figure was unchanged from the previous report. The GDP figures are revised multiple times as more comprehensive data becomes available. The upward revision for the final quarter was driven in part by a stronger personal consumption spending, which grew 3.5% compared to the third quarter, 0...
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