Right now Paul Krugman and other leftist “economists” are feverishly compiling a way to absolve Barack Obama of responsibility, and dump it on Trump, the GOP and the election…
Growth of U.S. economy. pic.twitter.com/AtMFZpVaXH
— Fox News (@FoxNews) January 27, 2017
Market Watch: GDP shows economy slows to 1.9% growth
Gross domestic product, the official score card for the economy, expanded at a 1.9% annual clip from October to December, the Commerce Department said. That’s a marked drop from a 3.5% growth rate in the third quarter and below the 2.2% MarketWatch-compiled consensus.
In early trading, the Dow Jones Industrial Average DJIA, -0.10% was little changed. The Dow finished at a record high Thursday, however, and is now up 25% over the last 52 weeks.
For the full year, the U.S. grew just 1.6%, compared with its 2.6% clip in 2015. It was the weakest performance since 2011. The last time the U.S. topped 3% growth — the historical average is 3.3% — was in 2005.
President Donald Trump has vowed to push the economy into higher gear with an aggressive combination of tax cuts, reduced regulations and more government spending on public works. Yet economists say it will take time before the U.S. reaps any benefits.
Most predict the economy will grow around 2% or a bit faster in 2017. If Trump’s approach works, the payoff is unlikely to come until the end of the year or early 2018, they say.