US financial development slows after sharp commerce decline | EUROtoday

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Charlotte Edwards

Business reporter

Getty Images Dollars are handed over in bankGetty Images

Economic development within the US slowed on the finish of final yr, as commerce declined extra sharply than anticipated and the nation was hit by hurricanes and labour strikes.

The financial system expanded at an annual charge of two.3% between October and December, down from 3.1% within the three months earlier than, in line with the US Commerce Department.

The tempo, fuelled by stable development in shopper spending, was however weaker than economists had anticipated.

The figures sign potential challenges forward for US President Donald Trump, as he seeks a significant shake-up of financial insurance policies.

He has stated he’s trying to impose increased tariffs on imports, the primary of which could possibly be introduced this week.

The US financial system had been forecast to increase at 2.5% within the ultimate three months of 2024 however analysts stated particulars of the Commerce Department report prompt development remained stable.

https://www.bbc.com/news/articles/cgrn1jex49yo