US economy slows in fourth quarter of 2014 with GDP rising by just 2.2%
by Associated Press in Washington from Economics | The Guardian on (#3YNP)
- Weaker business stockpiling and bigger trade deficit blamed
- Economists optimistic that 2015 will see stronger growth
The US economy slowed more sharply in the final three months of the year than initial estimates, reflecting weaker business stockpiling and a bigger trade deficit.
The Commerce Department said on Friday that the economy as measured by the gross domestic product grew at an annual rate of 2.2% in the October-December quarter, weaker than the 2.6% first estimated last month. It marked a major slowdown from the third quarter, which had been the strongest growth in 11 years.
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