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US economy grew faster in 2017, but growth slowed at year's end

US economy grew faster in 2017, but growth slowed at year's end
Posted at 6:51 AM, Jan 26, 2018
and last updated 2018-01-26 08:51:33-05

The U.S. economy gained momentum in 2017, but growth slowed at the end of the year.

The economy grew 2.3% for the year, the Commerce Department said Friday. That's well ahead of the 1.5% growth in 2016, but below the 3% target President Trump has set for his first term.

For the final three months of the year, the economy grew at a 2.6% annual rate. That was slower than in the previous six months.

 

 

Overall, though, the economy is healthy. Solid consumer spending, increased business investment and rising exports helped propel growth last year.

U.S. consumer confidence was at its highest since 2000. America added 2 million jobs. Unemployment steadily ticked down to 4.1%, the lowest in 17 years. The United States has added jobs for 87 consecutive months. And the stock market boomed to record highs.