The U.S. economy grew at a much faster pace in the fourth quarter than earlier estimated, according to Commerce Department data released Wednesday.
Gross domestic product grew at a 2.9 percent annualized rate, revised up from 2.5 percent. Economists had estimated an upward revision to 2.7 percent.
The upward revision means the economy was much closer to the 3 percent growth targeted by the Trump administration.
Consumer spending grew at 4 percent, compared with the earlier estimate of 3.8 percent. Economists had expected no change from the earlier estimate of the biggest part of the economy. – READ MORE
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