U.S. economic growth slowed sharply in the fourth quarter last year to an annual rate of just 2.2 percent. There are concerns that growth has slowed even more in the first quarter this year as global weakness, fading government stimulus and rising trade tensions have taken on a toll on the economy.
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The Commerce Department says the increase in the gross domestic product, the economy’s total output of goods and services, was revised down from an initial estimate of 2.6 percent growth in the fourth quarter. The change reflected weakness in a number of areas. Consumer spending, business investment, government spending and trade all came in lower than first thought.
Economists believe growth has slowed further in the current January-March quarter to around a 1.5 percent rate.
