April 6, 2020
Retail trade, finance and insurance, and utilities were the leading contributors to the increase in U.S. economic growth in the fourth quarter of 2019. Overall, 17 of 22 industry groups contributed to the 2.1 percent increase in real GDP in the fourth quarter.
- Retail trade increased 7.4 percent in the fourth quarter, primarily reflecting an increase in other retail, which includes gasoline stations and nonstore retailers.
- Finance and insurance increased 5.1 percent in the fourth quarter. The largest contributor to the increase was securities, commodity contracts, and investments.
- Utilities increased 23.3 percent in the fourth quarter, primarily reflecting an increase in electric power generation.
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