Revised data released by the Commerce Department on Wednesday showed slightly slower than previously estimated U.S. economic growth in the fourth quarter of 2017.
The report said gross domestic product climbed by 2.5 percent in the fourth quarter compared to the previously estimated 2.6 percent increase. The downward revision to GDP growth matched economist estimates.
The Commerce Department said the slightly slower than previously estimated growth primarily reflected a slight downward revision to private inventory investment.
The downwardly revised GDP growth in the fourth quarter reflects a notable slowdown from the 3.2 percent jump seen in the third quarter.
The deceleration in growth reflected a downturn in private inventory investment as well as a jump in imports, which are a subtraction in the calculation of GDP.
On the other hand, the report showed accelerations in consumer spending, exports, government spending, and non-residential fixed investment and an upturn in residential fixed investment.
A reading on core consumer prices, which exclude food and energy prices, showed that the pace of price growth accelerated to 1.9 percent in the fourth quarter from 1.3 percent in the third quarter.
RSS