Fourth quarter US GDP 1.9 pct, consumer-spending increase

WASHINGTON, Feb 28 (KUNA) -- Real gross domestic product (GDP) of the US economy increased at an annual rate of 1.9 percent during the fourth quarter of 2016, the final months of Barack Obama's presidency, according to estimates released by the Bureau of Economic Analysis Tuesday.
Although the estimate released today is "based on more complete source data" the figure remained at 1.9 percent growth since the previous "advance estimate" was made, according to a statement.
Today's figures found an increase in consumer spending since the previous estimate, from 2.5 to 3.0 percent. This gain was offset by smaller gains found in business investments and government spending which caused the GDP to remain unchanged.
Experts argue that Americans have been able to spend more since millions of jobs have been created since 2010 and the unemployment rate is below 5 percent.
In the third quarter of 2016, the GDP increased 3.5 percent. (end) ak.mt