Economic Buzz: US economic growth slows in fourth quarter after revisions
The economy grew at an annual rate of 0.5%, down from the earlier estimate of 0.7% and much lower than the initial 1.4% estimate. Consumer spending, which makes up the largest part of the economy, was also slightly revised down to 1.9%.
A broader measure of economic activity showed growth at 1.5%, compared to a much stronger 4.0% in the previous quarter. The slowdown was largely linked to the impact of last year's government shutdown, which dragged down overall economic momentum.
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