The U.S. economy grew slightly faster than 2% in the final three months of 2019, aided by a temporary plunge in imports and a resurgent housing market. The modest rate of growth likely foreshadows what lies ahead.
Gross domestic product, the official scoreboard for the economy, expanded at a 2.1% clip in the fourth quarter. Analysts polled by MarketWatch had forecast a 1.9% increase.
The U.S. got off to sizzling start last year as GDP reached 3.1% in the first quarter, but growth tapered off to the post-recession average of around 2% after the trade war with China intensified and business investment slumped.
The government’s snapshot of the economy toward the end of last year offers a glimpse of what’s in store for 2020. Consumer spending has fueled a record expansion now in its 11th year even as businesses have cut back on investment and production. Those trends are likely to persist.
Source : Marketwatch