U.S. GDP Growth Revised Up to 2.9% Rate in Fourth Quarter
By Ben Leubsdorf | Updated March 28, 2018 11:18 a.m. ET
The U.S. economy entered 2018 with stronger momentum than earlier thought, though corporate profits weakened at the end of 2017 against a backdrop of significant changes to the tax code.
Gross domestic product, a broad measure of the goods and services produced across the U.S., rose at a 2.9% annual rate in the fourth quarter, adjusted for seasonality and inflation, the Commerce Department said Wednesday.
That exceeded economists’ expectations and was up from a previous estimate of 2.5% growth, and only a little slower than the third quarter’s 3.2% growth and 3.1% growth in the second quarter. Consumer spending was revised higher for the fourth quarter, and private inventories exerted a smaller drag on growth than earlier thought…
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