US Economy Grew at Slower Rate in Fourth Quarter
Published at(NEW YORK) — A second estimate of the U.S. economy’s growth in the fourth quarter of the 2014 fiscal year was more pessimistic than the initial data, the Commerce Department said.
Despite the first estimate pegging the gross domestic product’s increase at a rate of 2.6 percent, that figure was adjusted down to 2.2 percent, according to a news release Friday. That is far below the third quarter’s growth rate of five percent.
The Commerce Department’s Bureau of Economic Analysis said Friday that the growth of the U.S. GDP was due in part to personal spending, exports and state and local government spending. The decreased rate at which the economy grew, however, was attributed to “an upturn in imports, a downturn in federal government spending, and decelerations in nonresidential fixed investment and in exports.”
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