l****z
发帖数: 29846 | 1 (Reuters) - U.S. economic growth braked more sharply than initially thought
in the fourth quarter amid a moderate increase in business inventories and a
wider trade deficit, but strong domestic demand brightened the outlook.
Gross domestic product expanded at a 2.2 percent annual pace, revised down
from the 2.6 percent pace estimated last month, the Commerce Department said
on Friday. The economy grew at a 5 percent rate in the third quarter.
Growth is poised to pick up in the first quarter now that the threat of an
inventory overhang has diminished. However, an exceptionally cold and snowy
February, as well as reductions in oil and gas drilling, could limit the
pace of expansion.
"The composition of growth is looking much better, we are setting up for a
solid quarter for the economy. The first quarter is still work in progress,"
said Ryan Sweet, a senior economist at Moody's Analytics in West Chester,
Pennsylvania.
Businesses accumulated $88.4 billion worth of inventory in the fourth
quarter, far less than the $113.1 billion the government had estimated last
month.
That resulted in the GDP growth contribution from inventories being cut to
one-tenth of a percentage point from 0.8 percentage point previously.
The moderate stock accumulation came as consumer spending grew at its
quickest pace since early 2006.
With households bullish about the economy's prospects, thanks to a
tightening labor market and lower gasoline prices, consumer spending is
likely to remain at lofty levels this year.
A second report showed the University of Michigan's final February reading
on the overall index on consumer sentiment was 95.4, higher than the initial
reading of 93.6.
While that was a retreat from January's reading of 98.1, it was the second
highest level since January 2007.
"A more confident consumer is likely to spend more on big ticket items and
other discretionary items, and looking ahead, we expect consumer spending ..
. to outpace 2014," said Kristin Reynolds, an economist at IHS Global
Insight in Lexington, Massachusetts.
First-quarter growth estimates currently range between a rate of 2.4 percent
and 3 percent.
U.S. stocks were little changed, while prices for U.S. government debt rose.
The dollar was flat against a basket of currencies.
ROBUST CONSUMER SPENDING
Growth in consumer spending, which accounts for more than two-thirds of U.S.
economic activity, was revised down by one-tenth of a percentage point to a
4.2 percent pace in the fourth quarter, still the fastest since the first
quarter of 2006.
In another positive for the economy, business investment was not as weak as
previously reported, with spending on equipment revised to show it rising at
a 0.9 percent rate instead of the previously reported 1.9 percent
contraction.
Growth in spending on intellectual products was the strongest since early
2000. All signs point to an acceleration in business investment in the first
quarter, with data on Thursday showing a rebound in spending intentions in
January after four straight months of declines.
But lower oil prices have caused a drop in drilling and exploration activity
. The impact is yet to be felt in the data.
Another report on Friday showed factory activity in the Midwest in February
plunged to its lowest level since July 2009.
Activity was likely dampened by bad weather and a long-running labor dispute
at West Coast ports, which has since been resolved.
The Commerce Department data showed a key measure of domestic demand was
revised to a 3.2 percent pace for the fourth quarter from the previous 2.8
percent rate. It was the third straight quarter of growth above a 3 percent
rate.
Strong domestic demand sucked in more imports than previously reported in
the fourth quarter, resulting in a trade deficit, which subtracted 1.15
percentage points from GDP growth instead of the previously reported 1.02
percentage point drag.
Despite the strong consumption, inflation pressures were muted, with the
personal consumption expenditures price index falling at a 0.4 percent rate
- the weakest reading since early 2009. The PCE index was previously
reported to have declined at a 0.5 percent pace.
Excluding food and energy, prices rose at an unrevised 1.1 percent pace, the
slowest since the second quarter of 2013.
The low inflation environment suggests little urgency for the Federal
Reserve to start raising interest rates from near zero, where they have been
since December 2008.
Residential construction spending in the fourth quarter was revised down,
while government spending was not as weak as previously reported.
Strong job gains are expected to lift housing this year. A third report on
Friday from the National Association of Realtors showed contracts to
purchase previously owned homes rose 1.7 percent in January to their highest
level in 1-1/2 years. | m********8
发帖数: 7463 | 2 太快了你们说吹泡沫，慢了又说今剩不够英明。左右都是你们地富反坏右最牛，
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thought
a
said
snowy
【在 l****z 的大作中提到】
: (Reuters) - U.S. economic growth braked more sharply than initially thought
: in the fourth quarter amid a moderate increase in business inventories and a
: wider trade deficit, but strong domestic demand brightened the outlook.
: Gross domestic product expanded at a 2.2 percent annual pace, revised down
: from the 2.6 percent pace estimated last month, the Commerce Department said
: on Friday. The economy grew at a 5 percent rate in the third quarter.
: Growth is poised to pick up in the first quarter now that the threat of an
: inventory overhang has diminished. However, an exceptionally cold and snowy
: February, as well as reductions in oil and gas drilling, could limit the
: pace of expansion.
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