Economics
Economic Growth Cools as U.S. Consumers Temper Spending
- GDP rises at 0.7 percent rate, increases 2.4 percent in 2015
- Companies cut back on investments in equipment, structures
U.S. Economy Expands at Slower Pace in Fourth Quarter
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The U.S. economy expanded at a slower pace in the fourth quarter as households tempered spending and businesses cut back on capital investment and adjusted inventories.
Gross domestic product rose at a 0.7 percent annualized rate in the three months ended in December after a 2 percent gain in the third quarter, Commerce Department figures showed Friday. The advance was in line with the Bloomberg survey median forecast of 0.8 percent.