US Q4 economic growth revised up to 1.4%
by ChemOrbis Editorial Team - content@chemorbis.com
According to data from the US Commerce Department, US economic growth in the October-December period was revised up to 1.4% from the previously estimated growth rate of 1.0%. Economists expected GDP growth to hold steady at 1.0% in a survey conducted by Reuters.
The economy grew 2.0% in the third quarter and for the full year of 2015 it expanded 2.4%. The upward revision in economic growth was driven by stronger consumer spending, which helped offset the negative effects of inventory surplus. Consumer spending rose 2.4%, up from 2.0% a month earlier. An improving labor market and rising home prices were also supportive factors which strengthened spending.
Large inventories and weak orders of capital goods during the January-February period also weighed down on economic growth.
The economy grew 2.0% in the third quarter and for the full year of 2015 it expanded 2.4%. The upward revision in economic growth was driven by stronger consumer spending, which helped offset the negative effects of inventory surplus. Consumer spending rose 2.4%, up from 2.0% a month earlier. An improving labor market and rising home prices were also supportive factors which strengthened spending.
Large inventories and weak orders of capital goods during the January-February period also weighed down on economic growth.
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