Update shows no change in 4th-quarter economic growth
WASHINGTON — The U.S. economy grew at an anemic 1.9 percent rate in the fourth quarter, unchanged from an initial estimate, although consumers spent more than first thought.
The increase in the gross domestic product, the broadest measure of economic health, represented a significant slowdown from 3.5 percent growth recorded in the third quarter, the Commerce Department reported Tuesday.
The government found that consumer spending grew at a faster rate, but spending by state and local governments and businesses was weaker.
Growth for 2016 overall was just 1.6 percent, the poorest showing in five years.
Since the recession ended in mid-2009, annual growth has averaged 2.1 percent, the worst performance for any recovery since the World War II period.
Consumer spending, which accounts for 70 percent of economic activity, was revised to 3 percent growth, up from an initial estimate of 2.5 percent.