United States economic growth slows in Q4 2016 from weak exports
00:33, Jan 28, 2017
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The median forecast in a Bloomberg survey called for 2.2 percent.
Exports fell 4.3 percent in the latest quarter, while imports rose eight percent.
"The deceleration of real GDP in the fourth quarter reflected a downturn in exports, acceleration in imports. and a downturn in federal government spending", Commerce Department said in a statement. However, imports rose much more sharply than we forecast, up 8.0% in Q4 (AXA IM 4.0%), and weighed on final growth.
The rate of growth for the fourth quarter a year ago was the same as the previous quarter, showing no evidence of a United Kingdom slowdown, fears of which were heightened following the Brexit vote.
The economy grew 1.9% in the fourth quarter, filling in the picture for 2016 with less than stellar growth of 1.6%. The dollar's strength is to blame, again, in line with Trump's earlier assessments regarding the "too strong" dollar hurting the USA economy. In December, the US saw its 75th straight month of job growth, while wages rose 2.9 percent from the year before, a sign of diminishing slack in the labor market.
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Among them are a stronger dollar, policy uncertainty as Trump tries to move his plans through Congress, and a Federal Reserve that might be forced to raise interest rates sooner than expected if the proposals generate inflation too quickly, as some economists predict.
Net exports were a big drag here, taking away 1.7 points from the fourth quarter.
U.S. President Donald Trump has set a goal of doubling growth through an ambitious stimulus program featuring tax cuts, deregulation and higher infrastructure spending.
Retail sales and travel agencies also underpinned services sector growth over the period, the ONS said.
The figure proved a slight improvement on economists predictions of 0.6 percent, however for 2016 growth was down to 2.0 percent compared to 2.2 percent the previous year.
Gross domestic purchases price index: Increased by 2%.
In 2015, the economy grew 2.5pc.
Government spending grew at a 1.2 percent rate as state and local outlays picked up. Consumption spending increased to an annual rate of $11.6 trillion, up $71.3 billion from the preceding quarter. A measure of inflation, which is tied to consumer spending and strips out food and energy costs, climbed at a 1.3 percent annualized pace.
The breakout third quarter marked a two-year high and came after nine months of anemic gains of about 1% that were largely as a byproduct of meager business investment and stockpiling.
The transaction is expected to close by the end of the second quarter, with J&J commencing the tender offer by mid-February. However, Johnson & Johnson withdrew from the discussions in mid-December, and Sanofi approached Actelion about a deal.
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