Economics
U.S. GDP Grows at 2.6% Pace as Business Spending Accelerates
- Equipment and software investment show bigger contributions
- Consumer spending cools while remaining in solid shape
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The U.S. economy cooled by less than expected last quarter as business investment picked up, suggesting growth could be stronger for longer as the Federal Reserve takes a patient approach to interest rates.
The 2.6 percent annualized rate of gains in gross domestic product from October to December compared with the 2.2 percent median estimate of economists surveyed by Bloomberg. It followed a 3.4 percent advance in the prior three months, according to a Commerce Department report Thursday that was delayed a month by the government shutdown.