Prime News: US economy degenerated in Q4 amid firm consumer spending

Economic expansion in the United States degenerated in the last quarter and amid to grow modestly despite strong consumer spending.

Gross domestic product increased at a yearly pace of 1.9%, based on the second forecast of the Commerce Department, as downward revisions to government and corporate investment outweigh strong consumer data.

The American economy gained 1.6% last year from 2.6% in 2015, its lowest growth since 2011.

President Donald Trump vowed to bolster yearly economic expansion to 4% by easing regulation, escalating infrastructure spending, and implementing tax reductions.

The material has been provided by InstaForex Company – www.instaforex.com

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