US records weakest growth in 2 years
Source: Agencies |
March 1, 2013, Friday
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Print Edition
Print Edition
THE US economy grew at a 0.1 percent annual rate from October through December, the weakest performance in nearly two years. But economists believe a steady housing rebound, stronger hiring and solid spending by consumers and businesses are pushing economic growth higher in the current quarter.
The US Commerce Department's second estimate of fourth-quarter growth was only slightly better than its initial estimate that the economy shrank by 0.1 percent. And it was well below the 3.1 percent growth rate reported for the July-September quarter.
The revision to the gross domestic product was due to higher exports and more business investment.
Many economists said temporary factors that stifled growth in the fourth quarter are probably fading and growth is likely picking up in the January-March quarter.
Paul Ashworth, chief US economist at Capital Economics, predicted growth could be as high as 2 percent in the current quarter despite higher Social Security taxes, which have cut take-home pay for most Americans.
The US Commerce Department's second estimate of fourth-quarter growth was only slightly better than its initial estimate that the economy shrank by 0.1 percent. And it was well below the 3.1 percent growth rate reported for the July-September quarter.
The revision to the gross domestic product was due to higher exports and more business investment.
Many economists said temporary factors that stifled growth in the fourth quarter are probably fading and growth is likely picking up in the January-March quarter.
Paul Ashworth, chief US economist at Capital Economics, predicted growth could be as high as 2 percent in the current quarter despite higher Social Security taxes, which have cut take-home pay for most Americans.
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