Q4 Growth Stateside Slows on Increasing Imports
Economic growth slowed unexpectedly south of the border in the fourth quarter as the strongest pace of consumer spending in three years resulted in a surge in imports.
Figures released Friday by the U.S. Commerce Department showed gross domestic product increased at a 2.6% annual rate also detained by a modest pace of inventory accumulation
The economy grew at a 3.2% pace in the third quarter. Economists had forecast the economy expanding at a 3% pace in the final three months of 2017.
A measure of domestic demand jumped at a 4.6% rate, the fastest since the third quarter of 2014, underscoring the economy's strength. Final sales to private domestic purchasers rose at a 2.2% pace in third quarter.