U.S. Economy's Growth Slowed Sharply in Final Three Months of 2015
Saturday, January 30th, 2016 -- 7:17 AM
(AP) -The U.S. economy's growth slowed sharply in the final three months of 2015 to a 0.7 percent annual rate. Consumers reduced spending, businesses cut back on investment and global problems trimmed exports.The slowdown could renew doubts about the durability of the 6 1/2-year-old economic expansion. The government's estimate of the economy's expansion in the October-December period was less than half the 2 percent annual growth rate in gross domestic product in the third quarter.
It was the weakest showing since a severe winter reduced growth to a 0.6 percent annual rate in last year's first quarter. Activity should rebound in the current January-March period, though economists worry that China's troubles and sinking oil and stock prices could dampen the recovery.
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