US economy grows 2.6% in Q4
WASHINGTON DC, USA – The US economy grew 2.6% in the 4th quarter of last year, expanding more strongly than previously thought, the government said Thursday, March 27.
The Commerce Department revised higher its prior 2.4% estimate of gross domestic product growth in the quarter, matching analyst expectations.
"The general picture of economic growth remains largely the same," the department said in its 3rd and final GDP estimate.
The economy grew 4.1% in the 3rd quarter.
The upward revision for the October-December quarter reflected new data showing stronger consumer spending, which accounts for about 70% of activity in the world's largest economy.
In addition, there was smaller private investment in inventories and in intellectual property products, the department said.
Personal consumption expenditures in the key year-end holiday shopping season rose 3.3%, a solid gain from the 2.6% growth previously estimated. – Rappler.com