The government says the U.S. economy grew more slowly in 2018 than it previously estimated, downgrading its estimate from 3% to 2.5%
. President Donald Trump had frequently boasted of the 3% growth figure as evidence that his policies invigorated the economy.
Still, the revisions mean that growth failed to cross the symbolic 3% threshold last year, which it hasn’t done since 2005. Most economists point to slower population growth and sluggish increases in worker productivity as the primary reasons for the shortfall. Even that was somewhat misleading. It was the best in 14 years only when using a measure of four quarters of growth over a calendar year. But four years ago, under President Barack Obama, the economy expanded 3.4% over the four quarters ending in the second quarter of 2015.
Economic growth in 2017 was revised higher, to 2.8%, according to the White House’s preferred metric, from its previous level of 2.5%, partially offsetting last year’s downgrade.
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