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The U.S. economy grew at a 2.9 percent annual rate in the final three months of 2017, the Commerce Department 

. That's slightly faster than the previous 2.5 percent growth estimate, but slower than the 3.2 percent pace of the third quarter.
Overall, the economy grew 2.3 percent last year, compared with 1.5 percent in 2016. That's well below the 3 percent or higher that the Trump administration 

The solid fourth quarter was fueled by strong consumer spending, which grew 4 percent — its fastest pace in three years. Gross domestic product growth would have been even faster if consumers hadn't spent so much on imports, which subtract from domestic growth.  

Economists say growth is expected to slow in the current quarter but speed up later this year, boosted by tax cuts and higher government spending.


Last week, Federal Reserve Chairman Jerome Powell said the economic outlook 

 in recent months. He cited the stimulus offered by the big tax-cutting bill and said "ongoing job gains are boosting incomes and confidence," while global economic growth "is on a firm trajectory."   Copyright 2019 NPR. To see more, visit https://www.npr.org.



Business and Economic News

The Commerce Department revised its growth estimate upward to 2.9 percent for the fourth quarter. Consumer spending helped fuel the faster pace, but import purchases subtracted from growth.

U.S. economy grew at a faster pace than earlier thought

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