WASHINGTON (AP) — The U.S. economy grew at a 2.4 percent
annual rate in the October-December quarter, significantly slower than
first thought, reflecting slower consumer spending than initially
estimated.
The severe winter weather is expected to slow growth
further in the current quarter, but as the snows melt, economists
believe growth will rebound.
The Commerce Department says the
downward revision from an initial 3.2 percent estimate for the fourth
quarter primarily reflected a downgrade in consumer spending, which is
now estimated to have expanded at 2.6 percent rate, still the best
showing in nearly two years. But it is below the previous 3.3 percent
estimate.
For all of 2013, the economy grew at a lackluster 1.9
percent, but analysts expect growth will rebound in 2014, possibly as
high as 3 percent.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
WASHINGTON (AP) — The U.S. economy grew at a 2.4 percent
annual rate in the October-December quarter, significantly slower than
first thought, reflecting slower consumer spending than initially
estimated.
The severe winter weather is expected to slow growth
further in the current quarter, but as the snows melt, economists
believe growth will rebound.
The Commerce Department says the
downward revision from an initial 3.2 percent estimate for the fourth
quarter primarily reflected a downgrade in consumer spending, which is
now estimated to have expanded at 2.6 percent rate, still the best
showing in nearly two years. But it is below the previous 3.3 percent
estimate.
For all of 2013, the economy grew at a lackluster 1.9
percent, but analysts expect growth will rebound in 2014, possibly as
high as 3 percent.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.