U.S. Economy Expanded at Slower Pace Than First Estimated

Manufacturing and consumer confidence improved in February and housing stabilized last month, indicating the U.S. economy is shaking off the effects of the harsh winter and loss of momentum at the end of 2013.

The Institute for Supply Management-Chicago Inc.’s regional factory barometer unexpectedly increased to 59.8 this month from 59.6 in January, the group said today. Other reports showed household sentiment edged up, pending sales of existing homes were little changed and the economy grew at a slower pace in the fourth quarter than previously estimated.