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US economy finishes 2016 in the doldrums

A screen above the floor of the New York Stock Exchange shows the closing number for the Dow Jones industrial average, Wednesday. The DJIA closed above 20,000 points for the first time, the latest milestone in a record-setting drive for the stock market. (AP Photo/Richard Drew)

The United States economy continued its sluggish pace in the fourth quarter of 2016, posting an anemic 1.9 percent growth rate. Overall, the economy grew at a rate of only 1.6 percent for 2016, the lowest rate of growth for the U.S. economy since 2011.

Frustration with the slow pace of economic recovery was a major reason for President Donald Trump's surprise victory in November, and the early economic indicators show that most Americans have confidence that the economy will improve under Trump's leadership. All three major stock indexes soared to all-time highs Wednesday morning, and analysts predict that stock growth may not be finished yet. According to CNNMoney, consumer confidence also reached an all-time high in December 2016.

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