US economic growth in Q4 revised downward
Print Edition
The US economy grew at a 2.4 percent annual rate last quarter, sharply less than first thought, in part because consumers didn’t spend as much as initially estimated.
Severe winter weather is expected to further slow the economy in the current quarter. But as temperatures warm, most economists think growth will rebound beginning in the spring. The Commerce Department yesterday revised its estimate of economic growth in the October-December quarter from an initial 3.2 percent annual rate to 2.4 percent, the weakest quarterly showing since the first quarter of 2013. The downgrade was due to consumer spending estimated to have risen 2.6 percent annually, below the initial estimate of 3.3 percent.
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