U.S. fourth-quarter GDP growth revised higher on strong inventory investment

February 26, 2016 2:14 PM

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U.S. fourth-quarter GDP growth revised higher on strong inventory investment

WASHINGTON U.S. economic growth slowed in the fourth quarter, but not as sharply as initially thought, with businesses less aggressive in their efforts to reduce unwanted inventory, which could hurt output in the first three months of 2016.

Gross domestic product increased at a 1.0 percent annual rate instead of the previously reported 0.7 percent pace, the Commerce Department said on Friday in its second GDP estimate.

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

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