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US GDP slows to 2.6% in fourth quarter as consumer spending shoots up

The economy grew 2.3% in 2017, an acceleration from the 1.5% logged in 2016

Reuters  |  Washington 

US economic growth unexpectedly slowed in the fourth quarter as the strongest pace of consumer spending in three years resulted in a surge in imports. Gross domestic product increased at a 2.6 per cent annual rate also held back by a modest pace of inventory accumulation, the Commerce Department said in its advance fourth-quarter GDP report on Friday. The economy grew at a 3.2 per cent pace in the third quarter. Economists polled by Reuters had forecast the economy expanding at a 3.0 per cent pace in the final three months of 2017. A measure of domestic demand jumped at a 4.6 ...

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First Published: Fri, January 26 2018. 20:33 IST