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US economy slowed to near crawl, minuscule 0.6 percent growth rate in 4th quarter

US economy slowed to near crawl, minuscule 0.6 percent growth rate in 4th quarter

The U.S. Commerce Department reports that the economy skidded to a near halt in the final quarter of last year, growing at a pace of just six-tenths of a percentage point.
The reading on gross domestic product _ released Thursday _ was the same as the government's initial estimate a month ago.
The weak performance underscores just how much momentum the economy lost during the October to December quarter, given the twin blows of the housing and credit slumps. In the prior quarter, the economy clocked showed a blistering 4.9 percent growth rate.
Gross domestic product measures the value of all goods and services produced in the United States. The GDP reading fell short of economists' forecasts for a 0.8 percent growth rate.


Updated : 2021-06-17 02:22 GMT+08:00