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U.S. Economic Growth Slows in Fourth Quarter
America's gross domestic product expanded by an annualized 2.6% in the fourth quarter of 2014, down from 5% in July-September, according to preliminary figures from the U.S.
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America's gross domestic product expanded by an annualized 2.6% in the fourth quarter of 2014, down from 5% in July-September, according to preliminary figures from the U.S. Bureau of Economic Analysis.
BEA says growth for the period was slowed by a downturn in exports, government spending and business investment.
Full-year GDP growth for 2014 was 2.4% compared with 2.2% in 2013, according to the bureau's initial estimate. The price index for gross domestic purchases rose 3.6% in the fourth quarter and 1.4% for the full year compared with 4.1% and 1.3% in 2013, respectively.
Separately, the University of Michigan reports that consumer confidence in the U.S. economy climbed in January to its strongest level since 2004. The monthly analysis says Americans are especially confident about current economic conditions in the country.
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