US grew slightly more in 4th quarter than earlier estimated
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The U.S. economy grew at a slightly faster rate in the fourth quarter than previously estimated, boosted by stronger consumer spending. Consumers may be providing more lift to the economy in the current January-March period.
The Commerce Department says the economy grew at a modest 1.4 percent annual rate in the October-December period. That was better than the 1 percent growth rate estimated a month ago but still below the 2 percent growth turned in during the July-September quarter.
Most of the strength in the revision came from an upward boost to consumer spending, particularly involving recreation. Exports also were not as weak as previously thought.
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Many economists think growth as measured by the gross domestic product is accelerating in the current quarter to a 2 percent annual rate.