Economy Sluggish
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
WASHINGTON (AP) – The economy grew at a 2.5 percent pace in the final quarter of last year, healthier than first thought but still largely caught up in a spell of slugglishness.
The new reading on gross domestic product, released by the Commerce Department on Thursday, was an improvement from the prior estimate of a 2.2 percent growth rate for the October-to-December period. However, it marked the third quarter in a row where the economy’s growth clocked in at a lethargic 2 percent or better, reflecting the drag of the crumbling housing market on overall business growth.
Many economists expect the GDP will remain mediocre, hovering at around the 2 percent pace in the current January-to-March quarter. Gross domestic product measures the value of all goods and services produced within America.
