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

January 29, 2016 1:38 PM

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U.S. economic growth slows to a 0.7 percent rate 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, also as lower oil prices continued to undermine investment by energy firms and unseasonably mild weather cut into consumer spending on utilities and apparel.

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

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