The U.S. economy slowed less than expected in the fourth quarter amid solid cons...
WASHINGTON, - The U.S. economy slowed less than expected in the fourth quarter amid solid consumer and business spending, leaving 2018 growth just shy of the Trump administration’s 3 percent annual target.
Trump has touted the economy as one of the biggest achievements of his presidency and declared last July that his administration had “accomplished an economic turnaround of historic proportions.” 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 economy is cooling as the boost from the White House’s $1.5 trillion tax cut and increased government spending fades. Growth is also being restrained by a trade war between the United States and China, which economists say is making businesses and households more cautious about spending. Trade tensions with China could constrain the economy for a while. U.S. Trade Representative Robert Lighthizer told lawmakers on Wednesday that Washington’s issues with China were “too serious” to be resolved with promises from Beijing to buy more American goods and a threat of higher tariffs could loom over trade with China for years.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Consumers, weak exports seen curbing U.S. fourth-quarter growthThe U.S. economy probably slowed in the fourth quarter, held back by softer cons...
Read more »
Economy slows to 2.6% in fourth quarter, GDP shows, but it still shows lots of muscleA slumping housing market and bigger trade deficit softened up the economy in the final three months of 2018 after a torrid spell of growth last spring and summer, but consumers and businesses still showed plenty of resilience. GDP grew 2.6% in the fourth quarter and 2.9% for all of 2018.
Read more »
Fourth-quarter GDP increases 2.6%, better than expectedEconomists surveyed by Dow Jones expected a gain of 2.2 percent after a 3.4 percent rise in the third quarter.
Read more »
U.S. Economy Grew 2.6% in the Fourth QuarterA year of strong economic growth in 2018 ended on a soft note, with the nation’s economic output slowing from boom-like conditions at midyear.
Read more »
U.S. banks record $59.1 billion in profits in fourth-quarter of 2018The U.S. banking sector recorded $59.1 billion in profits in the fourth quarter ...
Read more »
US economy grew at 2.6 percent rate in fourth quarter
Read more »
US economy grew at 2.6 percent rate in fourth quarterWASHINGTON (AP) — The U.S. economy slowed in the final three months of last year to an annual growth rate of 2.6 percent, the slowest pace since the beginning of 2018, as various factors including...
Read more »
Slowing Home Price Growth and Construction Hit Housing MarketHome prices in 2018 grew at their slowest pace in four years, while construction slumped, signaling that the housing market started this year on shaky footing.
Read more »
Baidu Forecasts Weaker Growth as Chinese Economy SlowsChina’s search-engine giant Baidu expects its slowest revenue growth in nearly two years in the current quarter, with advertising pinched by tighter government regulation and the downturn in the Chinese economy.
Read more »