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sandensea

(21,526 posts)
Thu Jan 30, 2020, 06:26 PM Jan 2020

Fourth quarter GDP rose only 2.1%, and full-year 2019 posts slowest growth in three years at 2.3%

The U.S. economy grew 2.1% in the fourth quarter, closing out a year in which gross domestic product decelerated to its slowest pace in three years amid a continuing drag in business investment.

For all of 2019 the economy grew 2.3%, below the 2.9% increase from 2018 and the 2.4% gain in 2017 - the first year of Donald Trump’s presidency, according to the initial estimate released Thursday by the Commerce Department.

Growth was well below the White House’s projections following the 2017 tax bill that cut corporate and individual rates. The administration has said the stimulus would lead to GDP increases of at least 3%, but that hasn’t happened yet.

Consumer spending grew at a 1.8% rate in the 4th quarter, and 2.6% for the entire year. Private consumption accounts for 68% of a U.S. economy that in 2019 reached $21.429 trillion, or $65,285 per person.

Gross private domestic investment fell 6.1% in the quarter - the third straight quarterly decline - and rose just 1.8% in all of 2019. Non-residential construction fell at a 10.1% rate, and by 4.4% for the year.

The decline in structures investment came primarily due to less mining exploration, shafts and wells.

Federal defense purchases grew by 4.9% in 2019, the highest figure since 2007.

At: https://www.cnbc.com/2020/01/30/us-gdp-q4-2019-first-reading.html



New cars await customers amid slow sales in a Ford dealership this year.

U.S. auto and truck sales were down 5.8% in December, and 1.3% for all of 2019 amid a gradual slowdown across most sectors - except defense spending.
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