Consumers prop up U.S. economy, but profits under pressure

Consumers prop up U.S. economy, but profits under pressure

27 March 2016, 21:32
Francis Dogbe
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U.S. economic growth slowed in the fourth quarter, but not as sharply as previously estimated, with fairly strong consumer spending offsetting the drag from efforts by businesses to reduce an inventory overhang. Gross domestic product increased at a 1.4 percent annual rate instead of the previously reported 1.0 percent pace, the Commerce Department said on Friday in its third GDP estimate. Relatively strong consumer spending underscores the economy's underlying strength and should further allay fears of a recession, which triggered a massive stock market sell-off early this year. That, together with a ... READ MORE
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