US economy grows 2.6% in Q4

Agence France-Presse

This is AI generated summarization, which may have errors. For context, always refer to the full article.

The US economy expands more strongly than previously thought

ECONOMIC GROWTH. The US economy expands more strongly than previously thought. File photo by AFP

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

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.

Summarize this article with AI

How does this make you feel?

Loading
Download the Rappler App!