GDP: U.S. economy expands 2.1% in 4th quarter; coming coronavirus impact weighed
The numbers: The economy expanded at a 2.1% pace at the end of 2019, but the U.S. might struggle to achieve even that modest rate of growth in the months ahead if a new strain of coronavirus isn’t contained.
The trade deficit was also sharply lower, giving the biggest boost to GDP. Exports rose a revised 2% instead of 1.4%. The decline in imports was little changed at 8.7%. The change in the value of unsold goods was revised up to $13 billion from $6.5 billion, but it was still the weakest in a year and a half. Manufacturers cut back production late in the year amid a drop in demand tied to the U.S.-China trade war and a slowing global economy.
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