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Fourth Quarter Growth Revised Down

Updated: 2014-02-28T14:37:36Z

Kevin G. Hall

McClatchy Washington Bureau

— The U.S. economy grew at slower pace that first thought in the final months of 2013, the government said Friday in a report that hints at a deceleration that is now being seen in the jobs market and other areas of the economy.

The economy grew at an annualized rate of 2.4 percent from October through December, the Commerce Department said, and not the 3.2 percent in the first estimate offered in January.

The slower fourth quarter followed a blistering 4.1 percent rate of growth from July through September, and the growth numbers seemed at odds with soft hiring numbers published by government statisticians in December and January.

Friday's revision is based on additional incoming data, and shows that personal consumption was weaker than first believed.

For the final six months of 2013, the economy grew at an annual rate of about 3.3 percent, a stronger pace than the past several years. The severe winter weather gripping much of the nation is thought to be holding back economic growth and employment for the first months of 2014.

 

 

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