The U.S. economy started off in 2015 at a slow pace. SMFN’s Ryan Gaumont reports that the economy ended the year at a slow pace, growing by only .7% in the fourth quarter according to figures released by the Commerce Department. This is the second time in seven quarters when gross domestic product has grown by less than 1%.
The economy has benefited from steady consumer spending and the creation of more jobs. On the downside, the dollar has appreciated against some other currencies, and this has had a negative effect on American exports. Trade issues have not had this much effect on GDP in the past decade.
For the year, the economy grew 2.4%, buoyed by a 3.9% growth in the second quarter. This is a little better than the 2.1% average since 2010. Consumer spending was up 2.2 % in the 4th quarter. Cheap oil prices helped.
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