U.S. Economic Growth Slowed In 2019 To 2.3%

Consumer spending continues to be a main driver of economic growth, although consumers were a little more cautious in the final months of 2019.Bryan R. Smith/AFP via Getty Images

Consumer spending continues to be a main driver of economic growth, although consumers were a little more cautious in the final months of 2019.The U.S. economy grew 2.3% last year, theThursday. That's a slowdown from the previous year, when the economy grew 2.9%. And it's well short of the 3% growth target set by the White House.

In the fourth quarter, the economy grew at an annual rate of 2.1%, matching the pace of the previous three months. The"We anticipate that consumer spending, spurred by rising wages and household wealth, will remain strong," CBO Director Phillip Swagel told a House committee on Wednesday."We also expect business investment to rebound as several of the factors that weighed on businesses last year abate.

"That growth rate is lower than the historical average because of long-term demographic trends," Swagel said."The United States is an aging society. That means the growth of our labor force will be slower in the future than it has been in the past." The Trump administration has tried to lure more people into the workforce with a combination of carrots and sticks. The carrots include

Yet triple what it was under Obama

We’ll take it. Now let’s make 2020 the best year yet. I’m happy to see Americans working and business thriving.

DefundNPR

realDonaldTrump GOP Winning!.....NOT! Obama's numbers were better. The market correction is coming!

Best economy ever. Why are you saying negative things

Wait, that can't be right. DJT promised us 4% as a minimum and he said it could be as high as 6%. Can't someone find the tape of his bullshit?

The Fed is stymying growth.

The shrinking U.S. economy grew 2.3% last year. According to Commerce Department American manufacturers shed thousands of jobs at the end of 2019, just the latest sign of struggle in a sector that has slumped to its weakest point since the financial crisis.

Life note: Celebrate successes instead of failures.

Still good.

Recessions & depressions always happen due to Republican policies.

But of course

2.1% last quarter

drip drip drip

SenTedCruz JohnCornyn You put Millennials and Gen Z into a massive amount of debt for middling GDP growth. How will you ensure our generations do not pay for the debt you foisted upon us?

Best ever, HA!

2.3% and that is with the Fed funneling $billions to Wall Street

Trump has DOUBLED the annual deficit to more than ONE TRILLION DOLLARS and has only maintained Obama era GDP growth. Is that the winning realDonaldTrump promised? RepHartzler

The Dems did this. 😜

This administration promised 4%. What happened? Looks like we were lied to again.

And right before an election year. Perfect 🙄

So close!

B-b-b-but 'Trump is such a brilliant businessman!' He's bankrupting the US like he bankrupted his companies!

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U.S. economy grew 2.3 percent in 2019, the slowest of Trump’s presidencyLast year’s growth was the weakest since Trump took office, according to Commerce Department data released Thursday. Trump claims everything as the record in memory Pretty sure the tariffs are one of the key factors for the slowdown. It's a self-imposed slow-down. Hillary or Obama’s fault I assume.
Source: washingtonpost - 🏆 95. / 72 Read more »