US downgrades growth estimate from Q4 2013

US economic growth was significantly lower than first thought in the final quarter of 2013, according to the latest figures from the US Bureau of Economic Analysis (BEA).

The BEA has revised down its initial estimate of US fourth quarter GDP growth from 3.2 per cent to 2.4 per cent.

The reason for the downward revision was that the “increase in personal consumption expenditures” was smaller than first thought, meaning the US consumer spent less then originally estimated during the quarter.

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