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.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JPMorgan sees China's economy growing 15% in second quarter as it recovers from coronavirus'It's not just looking at things still depressed. It's looking at where the bottom is and are we starting to march our way upward?'JP Morgan Chase global economist Joseph Lupton said.
Read more »
German economy nears stagnation in first quarter with coronavirus outbreakGermany's economy is nearing stagnation in the first quarter due to the cor...
Read more »
Italy’s struggle to contain the coronavirus threatens Europe and beyondWhile the spread of the virus is abating in China, Italy has become an epicentre for the coronavirus in Europe, with cases linked to the country emerging in Spain, France, Austria, Germany and even Algeria.
Read more »
Dashboard of a downturn: coronavirus starts to set off some recession alarm bellsWill China's coronavirus outbreak send the world economy into recession?
Read more »
Sanders gets frontrunner treatment in CharlestonBacklash grows against Trump coronavirus response — Democrats still want Bullock in Montana
Read more »
Malaysian ringgit set to weaken further as political chaos and coronavirus take hold, says AberdeenThe Malaysian ringgit could slide further as the country grapples with a recent political upheaval and the coronavirus outbreak, says Gerald Ambrose of Aberdeen Standard Investments Malaysia.
Read more »