The U.S. economy grew 2.2 percent in the final quarter of last year, the Commerce Department said Thursday, less than the 2.6 percent the government initially estimated and another sign the economy is slowing.
President Trump, however, has focused on how fast the economy grew all of last year, which was widely expected to be a strong year for the economy after the GOP tax cuts and infusion of more government spending. Trump argues the economy is taking off, while most economists say growth peaked last year.
Trump has been touting 3.1 percent growth in 2018. Officially, the Commerce Department said Thursday the economy grew 2.9 percent last year, slightly below Trump’s claim.
There are two main ways to calculate GDP growth. The White House method is to calculate the change from the fourth quarter of 2017 to the fourth quarter of 2018, which is preferred by many economists, including the Federal Reserve. The Commerce Department reported Friday that measure of growth was revised down to 3 percent.
