The economy grew somewhat slower in the final three months of 2018 than it originally appeared, largely because of softer consumer spending and a weaker climate for business investment that’s likely to depress growth in the first quarter as well, according to MarketWatch.
Gross domestic product, the official scorecard for the economy, expanded at a 2.2% annual pace in the fourth quarter, the government reported Thursday (March 28). GDP was marked down from an initial 2.6% estimate. Adjusted pretax corporate profits fell slightly in the fourth quarter, marking the first decline in almost two years.
Even after the downward revision, however, GDP for all of 2018 was left at 2.9%. That matched 2015 for the best performance since the Great Recession a decade ago.
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