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Internal Revenue Service

U.S. cuts estimates for economic growth over past 3 years

U.S. cuts estimates for economic growth over past 3 years

The U.S. economy grew more slowly over the past three years than the government had previously estimated, held back by more frugal consumers and steeper spending cuts by state and local governments. The economy expanded at just a 2 percent annual rate from 2012 through 2014, down from a previous estimate of 2.3 percent, the Commerce Department said Thursday. Nearly all the weaker-than-expected growth occurred in 2013, when the government now says the economy expanded just 1.5 percent, much less than its previous 2.2 percent estimate. The changes result from Commerce's annual revisions to its growth data, which are based on updated data from the Census Bureau, IRS and other...

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