Accessibility links

Breaking News

US Economic Growth Slower Than First Thought


People are seen walking through Roosevelt Field shopping mall in Garden City, New York, Feb. 22, 2015.
People are seen walking through Roosevelt Field shopping mall in Garden City, New York, Feb. 22, 2015.

U.S. economic growth was slower than first thought in the last few months of 2014.

Friday's report from the Commerce Department says the gross domestic product expanded at a 2.2 percent annual rate in the fourth quarter.

That is a bit slower than a previous estimate, and half the rate of the third quarter's expansion.

Commerce officials say GDP growth slowed because of less federal government spending and rising imports.

For all of 2014 the new analysis puts growth at 2.4 percent, which is a bit faster than the prior year.

White House economic advisor Jason Furman said the slower growth rate is due to temporary issues, and that the labor market and energy security continue to improve.

Economists from PNC bank say the weaker growth figures are due in part to a strong U.S. dollar and weak overseas demand which hurt U.S. exports.

  • 16x9 Image

    VOA News

    The Voice of America provides news and information in more than 40 languages to an estimated weekly audience of over 326 million people. Stories with the VOA News byline are the work of multiple VOA journalists and may contain information from wire service reports.

‚Äč
XS
SM
MD
LG