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1st LD: U.S. economic growth in Q4 revised up to 2.9 pct

Xinhua,March 28, 2018 Adjust font size:

WASHINGTON, March 28 (Xinhua) -- U.S. economic growth in the fourth quarter of last year was revised up to 2.9 percent, as consumer spending grew faster than previously reported, according to data from the Commerce Department released on Wednesday.

The growth was higher than the 2.5 percent increase the agency previously reported, indicating that the U.S. economy was running at a health pace last year.

According to the department, the faster GDP growth was due to the upward revision of consumer spending and private inventory investment.

Consumer spending, which accounts for more than two thirds of the economy, rose 4 percent in the fourth quarter, higher than the 3.8 percent growth reported previously and also higher than the 2.2 percent growth in the third quarter. Enditem

 

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