WASHINGTON >> U.S. economic growth was revised down slightly to a still-solid 2.5 percent annual rate in the final three months of last year, as business spent less on investment and restocking shelves than the government had previously estimated.
The fourth quarter advance in the gross domestic product, the economy’s total output of goods and services, followed even faster increases of 3.1 percent at a seasonally adjusted annual rate in the second quarter and 3.2 percent in the third quarter, the Commerce Department reported Wednesday.
Consumer spending raced ahead at the fastest pace since the spring of 2016, although some of the components such as purchases of furniture and clothing were revised lower. However, these declines were offset by stronger spending on services such as utility bills.
Factors in the downward revision included a greater slowdown by businesses in spending to build up their stockpiles and weaker business investment on structures and intellectual property. The various small revisions pulled down GDP from the initial estimate of 2.6 percent growth.
ON THE MOVE
Central Pacific Bank has announced that Jon Teraizumi has been promoted to senior vice president and senior commercial banking manager. Teraizumi has worked for CPB for 18 years and was previously a vice president and Hawaii Commercial Banking manager.
The Hawaii Visitors and Convention Bureau has announced that Alexandra Roth is the new eastern regional director of travel industry sales. Prior to joining HVCB, Roth was the director of communications and special projects for the Hawaii Lodging and Tourism Association.
WhiteSpace Architects has announced that Kimberly Nichols is their new office manager. She previously served as a project manager at HDEP International, which is a business-information firm in Honolulu. Nichols also was a psychological operations specialist at Fort Bragg, N.C.