REUTERS/Mike Blake
Consumer spending continued to hold up the economy late last year amid a broader growth slowdown. A crunch in the industrial sector and lower business fixed-investment spending were among the drags.
Economists are now forecasting an even lower rate of growth than what the advance estimate showed, at 0.4% quarter-on-quarter, compared to 0.7% in the first release according to Bloomberg.
They forecast that core personal consumption expenditures (PCE) remained unchanged from the first estimate at 1.2%. And, that the estimate for personal consumption grew 2.2%, also unchanged.
For all the talk of an imminent recession, these same forecasts show that GDP is expected to rebound in the first quarter to about 2%. And, Bloomberg's median forecast does not show a growth rate of less than 2% out to Q3 of 2017.
We'll have the latest once the data cross, so refresh this page for updates.