US Economy Slows to 0.7% Growth in Q4
US News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
U.S. economy grew at a slow 0.7% pace in Q4, down from initial estimate of 1.4% and significantly lower than Q3s 4.4%. The government shutdown, lasting 43 days, was the main factor, reducing federal spending by 16.7% and shaving over 1% off growth. For the year, GDP rose 2.1%, slightly below projections. Consumer spending slowed to 2% and business investment held steady at 2.2%, boosted by AI spending. The job market cooled, with 92,000 jobs cut last month and yearly hiring at its weakest since 2002 outside recessions. Economists question if AI will enable growth without many new jobs. The final Q4 GDP numbers are due April 9th for more clarity.
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