U.S. economic growth rate slows to 0.7 percent in fourth quarter

January 29, 2016 2:32 PM

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U.S. economic growth rate slows to 0.7 percent in fourth quarter

WASHINGTON U.S. economic growth braked sharply in the fourth quarter as businesses stepped up efforts to reduce an inventory glut and a strong dollar and tepid global demand weighed on exports.

Gross domestic product increased at a 0.7 percent annual rate, the Commerce Department said on Friday in a report that showed a further cutback in investment by energy firms grappling with lower oil prices. Growth in consumer spending also slowed as unseasonably mild weather cut into spending on uti...

Also read: U.S. economy creates 178,000 jobs in November; jobless rate drops to 4.6%

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