Economic Growth Cools as American Consumers Temper Spending

January 29, 2016 1:31 PM

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The U.S. economy expanded at a slower pace in the fourth quarter as households tempered spending and businesses cut back on capital investment and adjusted inventories.

Gross domestic product rose at a 0.7 percent annualized rate in the three months ended in December after a 2 percent gain in the third quarter, Commerce Department figures showed Friday. The advance was in line with the Bloomberg survey median forecast of 0.8 percent.

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