US economic growth revised down slightly to 2.5 pct. in Q4

WASHINGTON (AP) — U.S. economic growth was revised down slightly to a still-solid 2.5 percent rate in the final three months of last year.

The Commerce Department says the fourth quarter advance in the gross domestic product, the economy’s total output of goods and services, followed even faster increases of 3.1 percent in the second quarter and 3.2 percent in the third quarter.

Consumer spending raced ahead at the fastest pace since the spring of 2016, but the strong gain was slightly lower than previously reported. That pulled down the overall GDP figure from an initial estimate of 2.6 percent.

For the year, GDP rose 2.3 percent, a significant pick-up from 1.5 percent in 2016.



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