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Thursday, October 20, 2016

U.S. Economic Growth Revised Down To 2.4% In Q4

U.S. Economic Growth Revised Down To 2.4% In Q4

Washington (AFP) – The U.S. economy grew more slowly than previously thought in the 2013 fourth quarter, largely due to weaker consumer spending, official data released Friday showed.

The Commerce Department said gross domestic product growth in the final quarter was at an annual rate of 2.4 percent, revising its initial estimate of a 3.2 percent GDP expansion.

Analysts had expected a downward revision, but forecast a less sharp drop to 2.6 percent.

The report showed the world’s largest economy had significantly lost momentum even before a series of weaker economic data in January and February, which some say are due to severe winter weather in much of the country.

The economy grew at a robust rate of 4.1 percent in the third quarter.

Most of the fourth-quarter growth revision came from weaker than first estimated growth in consumer spending, which drives the bulk of U.S. economic activity. Spending was revised down to 2.6 percent from the prior estimate of 3.3 percent.

Photo: John Moore via AFP

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  • Hima Layan

    Since the development of raw intellect into refined intelligence and wisdom depends upon a variety of external factors, it is reasonable to conclude that the external factors are just as important as the inherited intellect.

    • Paul Bass

      ??? Nothing to do with revised economic growth!