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US Commerce Department ups Q4 GDP estimate from 1.9pc to 2.1pc
THE United States gross domestic product (GDP) increased 2.1 per cent in the fourth quarter of 2016, according to the 'third' estimate from the Department of Commerce, up from a previous estimate of 1.9 per cent.
Should the estimate hold, real GDP will have increased 1.6 per cent in 2016 compared with a 2.6 per cent growth rate the previous year.
US GDP grew 3.5 per cent in the third quarter, 1.4 per cent in the second quarter and a 0.8 per cent in the first. The Q3 rate was the strongest since third quarter 2014, beating consensus analyst expectations by 3.3 per cent.
Data indicates new orders for durable goods in February 2017 grew 1.7 per cent to US$235.4 billion following a revised 2.3 per cent increase in January.
Durable goods orders fell 0.8 per cent in December 2016 and 4.8 per cent in November after growing 4.8 per cent in October, 0.4 per cent in September and 0.3 per cent in August.
Transport equipment was also up for the second straight month, driving durable goods order increases, rising 4.3 per cent to $80.4 billion for the month. Excluding orders for transportation equipment, total durable goods orders ticked up 0.4 per cent in February.
Shipments of manufactured durable goods, now up in three of the last four months, grew 0.3 per cent to $239.2 billion in February following a revised 0.1 per cent decline in January and a 1.6 per cent bump in December.
Should the estimate hold, real GDP will have increased 1.6 per cent in 2016 compared with a 2.6 per cent growth rate the previous year.
US GDP grew 3.5 per cent in the third quarter, 1.4 per cent in the second quarter and a 0.8 per cent in the first. The Q3 rate was the strongest since third quarter 2014, beating consensus analyst expectations by 3.3 per cent.
Data indicates new orders for durable goods in February 2017 grew 1.7 per cent to US$235.4 billion following a revised 2.3 per cent increase in January.
Durable goods orders fell 0.8 per cent in December 2016 and 4.8 per cent in November after growing 4.8 per cent in October, 0.4 per cent in September and 0.3 per cent in August.
Transport equipment was also up for the second straight month, driving durable goods order increases, rising 4.3 per cent to $80.4 billion for the month. Excluding orders for transportation equipment, total durable goods orders ticked up 0.4 per cent in February.
Shipments of manufactured durable goods, now up in three of the last four months, grew 0.3 per cent to $239.2 billion in February following a revised 0.1 per cent decline in January and a 1.6 per cent bump in December.
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