Fourth Quarter Growth Was Much Weaker Than Previously Thought

U.S. economic growth in the fourth quarter was much weaker than first reported, with revised data Friday showing gross domestic product rose at a 0.7 percent annual rate instead of the previously estimated 1.4 percent.

The downward revision reflected weaker exports, softer consumer spending, lower government spending, and less investment than initially estimated, according to the Commerce Department. Trade also looked less supportive than in the first estimate: exports were revised lower, while imports fell by less than previously reported, reducing the boost to growth from trade.

Consumer spending was revised lower largely because of weaker…

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