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U.S. economic growth slowed substantially in Q4 2007. Gross domestic product grew at a 0.6% rate as the housing sector continued to contract, the U.S. Commerce Department announced Wednesday, raising concerns that the U.S. economy will fall into a recession in 2008, if it hasn't entered one already in December 2007.Further, the Q4 GDP statistic represents the nation's slowest growth since the economy started to recover from the 2002 recession and was also well below the 1.2% consensus estimate. The economy grew at a 4.9% rate in Q3 2007. For 2007, the U.S. economy grew 2.2%, the slowest growth since 2002. GDP increased 2.9% in 2006.
Real personal consumption expenditures increased 2.0% in Q4 2007, compared with a jump of 2.8% in Q3 2007. Durable goods increased 4.2% in the fourth quarter, compared with a rise of 4.5% in the third. Nondurable goods increased 1.9%, compared with an increase of 2.2% the previous quarter. Services expenditures increased 1.6%, compared with an increase of 2.8% in Q3 2007.
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