The revisions reflect markdowns to consumer and business spending, as well as government outlays and investment in home building
Employee Analiza Jimenez works at a packing station at the Amazon fulfillment centre in Kent, Washington, the US, on October 24 2018. Picture: REUTERS/LINDSEY WASSON
The revisions to the fourth-quarter GDP reading reflected markdowns to consumer and business spending, as well as government outlays and investment in home building. Trump likes to showcase the economy as one of the biggest achievements of his term, declaring last July that his administration had “accomplished an economic turnaround of historic proportions”. On the campaign trail, Trump boasted he could boost annual GDP growth to 4%, a goal analysts always said was unrealistic given low productivity, among other factors.
Growth in consumer spending, which accounts for more than two-thirds of US economic activity, increased at a 2.5% rate in the fourth quarter instead of the previously reported 2.8% pace. Consumer spending remains underpinned by a strong labour market.
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