US economic slowdown may be less severe than previously thought

New figures revising economic growth upward suggest US economy may be able to withstand a global slowdown better than many economists anticipated

The recent economic slowdown in the US may have been less severe than previously estimated, according figures released by the Commerce Department on Friday.

US gross domestic product (GDP) increased by 1% in the fourth quarter of 2015, up from initial estimates of 0.7%. The upward revision surprised economists and analysts who had expected the figure to be revised down to 0.4%, helping to lift stocks in early trading.