U.S. GDP Grew Less Than Previously Estimated in Fourth Quarter

From bloomberg.com

The economy in the U.S. expanded at a slower pace in the fourth quarter than previously reported, restrained by a smaller gain in stockpiles and widening trade gap. Gross domestic product, the value of all goods and services produced, rose at a 2.2 percent annualized rate, down from an initial estimate of 2.6 percent, Commerce Department figures showed Friday in Washington. The median forecast of 83 economists surveyed by Bloomberg called for a 2 percent pace. Consumer spending last quarter climbed by the most in four years, underscoring the underlying strength of the expansion. An improving job market and cheaper ... (full story)