United States economic growth rate revised up to 2.9% in fourth quarter

Full Speed Ahead Fourth Quarter GDP Revised Up to 2.9%!			The Associated Press		by John Carney28 Mar 20180		28 Mar 2018		28 Mar 2018

In its third estimate for fourth quarter GDP, Commerce revised growth in private consumption from 3.8% to 4.0%, with the the rise in government expenditures now seen at 3.0%, versus 2.9% beforehand.

Gross domestic product grew at a 2.9 percent annualized rate, revised up from 2.5 percent.

The Bank of Spain on Wednesday revised its figure for the third quarter from an original 98.7 percent.

In the last quarter of 2017, real gross domestic income only increased 0.9 percent, down from the healthy 2.4 percent growth the previous quarter.

Corporate profits also rose by a 1.7 percent rate in the fourth quarter after increasing at a 5.7 percent rate in the third quarter.

The Trump administration has set 3 percent as its overall growth target.

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That followed a 2.8 per cent rate of increase in the prior period. The Fed also lifted its economic growth projections for this year and 2019. Those are the first full quarters that Donald Trump had been president. Stocks on Wall Street were trading mostly higher, while prices of U.S. Treasuries edged up.

However, growth for the current quarter is expected to be more like Obama-era growth.

The trade deficit widened sharply in January.

Business investment remained solid in the fourth quarter, with fixed nonresidential investment rising at a 6.8% annual rate. It scrambled fourth-quarter earnings at some large public companies due to various one-time effects, and may have created an incentive for some firms to shift earnings and expenses between late 2017 and early 2018. As a result, inventories subtracted 0.53 percentage point from GDP growth after adding 0.79 percentage point in the prior period. That was the quickest pace since the fourth quarter of 2014 and followed a 2.2 percent rate of growth in the July-September period.

Inventories could contribute to growth in the first quarter. That was the strongest pace since the second quarter of 2015.

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