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U.S. Revises G.D.P. Down to 2.4% From 3.2% in Fourth Quarter

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Fri, 28 Feb 14 6:46 PM | 68 view(s)
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U.S. Revises G.D.P. Down to 2.4% From 3.2% in Fourth Quarter

The economy grew at a slower pace in the fourth quarter of 2013 than first thought, weighed down by disappointing retail sales, inventory adjustments and a less robust trade balance.

The Commerce Department said Friday it now estimates the economy grew by 2.4 percent in October, November and December, down from an initial estimate of 3.2 percent released on Jan. 30.

Economists had been expecting the government to revise the estimated rate of growth downward to 2.5 percent.

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