US financial development slows after sharp commerce decline

Financial 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 economic system expanded at an annual price of two.3% between October and December, down from 3.1% within the three months earlier than, in keeping with the US Commerce Division.

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 serious shake-up of financial insurance policies.

He has mentioned he’s trying to impose larger tariffs on imports, the primary of which may very well be introduced this week.

The US economic system had been forecast to develop at 2.5% within the last three months of 2024 however analysts mentioned particulars of the Commerce Division report instructed development remained stable.