- Economic growth continued to moderate at the end of 2019 but maintained a solid enough pace to keep the record-long expansion on track in its eleventh year.
- The Commerce Department estimated Thursday that gross domestic product rose by 2.1% between October and December.
- That brought full-year GDP growth to 2.3%, falling short of the 3% target that President Donald Trump has long pledged to meet.
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Economic growth continued to moderate at the end of 2019 but maintained a solid enough pace to keep the record-long expansion on track in its eleventh year.
The Commerce Department estimated Thursday that gross domestic product, a broad measure of all the goods and services produced in a nation, rose by 2.1% between October and December. In the previous three months, GDP rose by the same percentage. Economists had expected 2% growth in the fourth quarter.
That brought full-year GDP growth to 2.3%, the weakest rate since President Donald Trump took office and short of the 3% to 4% growth his administration has long pledged to deliver. GDP growth has consistently registered significantly below that target throughout the president's term, undermining a key talking point as he campaigns for re-election in November.
Friday's GDP reading is the first of three. A second estimate for the fourth quarter is scheduled to be released February 27, after more data is available.
This story is developing. Please check back for updates.