The U.S. economy grew at a slightly faster rate in the fourth quarter than earlier estimates, as consumers powered economic momentum heading into 2017.
The gross domestic product, the economy’s total output of goods and services, expanded at an annual rate of 2.1 percent in the October-December period, the Commerce Department reported Thursday. That is an improvement from the previous estimate of 1.9 percent. The added strength stemmed from stronger consumer spending, which offset an increased drag from trade.
The small change to the fourth quarter did not alter growth for the entire year, which came in at an anemic 1.6 percent. It was the worst showing in five years. President Donald Trump has pledged to boost GDP growth to 4 percent or better, though private economists are doubtful.
For the fourth quarter, the government revised its estimate for consumer spending, which accounts for two-thirds of economic activity, to a