NEW YORK, Jan. 29, 2016 /PRNewswire/ -- The year ended on a weak note with the U.S. Bureau of Economic Analysis today reporting 0.7 percent annualized growth in real Gross Domestic Product for the fourth quarter. This came a little below consensus expectations of about one percent. As expected, the slow growth in GDP was partly a result of slower inventory buildup and negative exports, although final sales of domestic products also disappointed, growing by just 1.2 percent.
Recent turbulence in financial markets has increased uncertainty regarding future economic conditions, and could hurt business confidence and further slow down investment growth in the beginning of 2016. But the most likely scenario is for solid employment growth, the improving housing market, higher consumer confidence and more government spending to offset the headwinds from the ongoing dollar appreciation and the slow global economy, and lead to GDP growth of about two percent for the year as a whole in 2016.
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SOURCE The Conference Board
