Source: Wall Street Journal
“The U.S. economy grew at a slower rate than initially estimated in the fourth quarter, closing a year of strong economic growth on a softer note as a key measure of U.S. corporate profits weakened. Gross domestic product, a broad measure of goods and services produced across the economy, rose at a 2.2% annual rate in the fourth quarter, adjusted for seasonality and inflation, the Commerce Department said Thursday. The agency had estimated earlier fourth-quarter growth at a 2.6% annual rate. Spending by consumers, state and local governments and businesses was revised lower…’The slowdown in GDP growth, from 3.4% in the third quarter, is a straightforward story about the end of the kick from tax cuts, which was never going to last long,’ Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a note to clients, referring to the 2017 sweeping tax overhaul bill….U.S. growth has appeared to slow in the current quarter, depressed by growing global economic uncertainty and a partial federal government shutdown that lasted through late January. The first quarter ends on Sunday…Forecasting firm Macroeconomic Advisers on Thursday projected a GDP growth rate of 1.4% in the first three months of 2019.”
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