Arab Today, arab today us economy grew slightly in 2012 fourth quarter
Last Updated : GMT 14:18:49
Arab Today, arab today
Arab Today, arab today

US economy grew slightly in 2012 fourth quarter

Arab Today, arab today

Arab Today, arab today US economy grew slightly in 2012 fourth quarter

Washington - AFP

The US economy grew slightly in the fourth quarter last year, the government said Thursday, revising its prior estimate of a small contraction. Gross domestic product grew at an annual rate of 0.1 percent in the October-December period, the Commerce Department said in its second official estimate. In its initial estimate in January, GDP contracted by 0.1 percent. \"While today\'s release has revised the direction of change in real GDP, the general picture of the economy for the fourth quarter remains largely the same as what was presented last month,\" the department said. The revision did not change the growth rate for all of 2012 of 2.2 percent, helped by a solid 3.1 percent pace in the third quarter. Scott Hoyt of Moody\'s Analytics said the scant growth in the revised reading \"highlights the impact the budget negotiations in Washington and weakness of overseas economies have had on the US economy.\" The slowdown reflected sharp drops in inventory building and federal government spending ahead of the January 1 \"fiscal cliff\" of across-the-board automatic tax hikes and spending cuts. Private inventories and government spending each fell roughly 1.5 percent. A drop in exports, by 0.6 percent, also contributed to the slower GDP growth. Consumer spending, which drives about 70 percent of US economic activity, was revised down a notch, to 2.1 percent from 2.2 percent. Most analysts expected a stronger GDP reading of 0.5 percent growth for the final quarter amid signs the economy was picking up in the first quarter. \"While not negative any more, the weakness in Q4 GDP still looks grossly exaggerated; other data, such as employment growth and the ISM indexes, suggest that the trend is at least 2.0 percent, perhaps better than that,\" said Jim O\'Sullivan, chief US economist at High Frequency Economics. Federal Reserve Chairman Ben Bernanke, in testimony to Congress Tuesday and Wednesday, warned that economic growth remained uneven and could be further hurt by the government\'s steep budget cuts, or sequester, slated to take effect Friday. \"The Congress and the administration should consider replacing the sharp, front-loaded spending cuts required by the sequestration with policies that reduce the federal deficit more gradually,\" he said. Bernanke reaffirmed that the Fed\'s extraordinary $85 billion a month bond-purchase program, aimed at holding down long-term interest rates and encouraging investment, was still merited.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us economy grew slightly in 2012 fourth quarter Arab Today, arab today us economy grew slightly in 2012 fourth quarter

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday