Just in time for summer!
Via Reuters:
U.S. economic growth slowed less than previously reported in the fourth quarter as robust consumer spending provided a boost that was partially offset by the largest gain in imports in two years.
Gross domestic product increased at a 2.1 percent annualized rate instead of the previously reported 1.9 percent pace, the Commerce Department said on Thursday in its third GDP estimate for the period.
The economy grew at a 3.5 percent rate in the third quarter. Despite the upward revision to the fourth quarter, the economy grew only 1.6 percent for all of 2016, its worst performance since 2011, after expanding 2.6 percent in 2015.
There are signs that economic activity slowed further in the first quarter, with the trade deficit widening in January and both consumer and construction spending weakening.
With the labor market near full employment, the data likely understate the health of the economy – GDP also tends to be weaker in the first quarter because of calculation issues the government has acknowledged and is trying to resolve.