facebook
twitter
rss
account
search
search
X
Breaking News: Protesters march on Pakistan PM Nawaz's house
 

U.S. fourth-quarter GDP estimate dropped to 2.4 percent

Feb. 28, 2014 at 9:34 AM   |   Comments

WASHINGTON, Feb. 28 (UPI) -- The U.S. economy grew at an annual rate of 2.4 percent in the fourth quarter of 2013, the Commerce Department said in a revised estimate Friday.

With gains in consumer spending less than previously believed, the department lowered its economic growth estimate from 3.2 percent, the figure released last month.

The second estimate of the real GDP is 0.8 percent, or $32.7 billion, reflecting downward revisions in spending, private inventory investment, exports and state and local spending, the report said.

The revisions were mostly expected.

In the previous quarter, growth reached 4.1 percent in the final estimate.

Those revisions were partly offset by an upward revision in spending on commercial buildings.

© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
Hershey's new logo launched, compared to emoji poop
2
Brazil Air Force, Saab discuss Gripen procurement deal
3
The 'Home of the Whopper' to keep headquarters in U.S.
4
Canadian media must broadcast official emergency notifications
5
France receives upgraded aerial tanker
Trending News
Video
x
Feedback