Accessibility links

Breaking News

Report: US Economic Growth Weaker Than First Estimated


The U.S. economy grew at a slower pace than first estimated at the end of last year.

Wednesday's report from the Commerce Department showed the world's largest economy growing at a slow 2.2 percent annual rate between October and December of last year.

That is less growth in the gross domestic product than experts first estimated and a bit lower than economists had expected recently. The GDP is the broadest measure of economic health because it reports on all the goods and services produced in the country.

The report also showed a key measure of inflation easing slightly during the quarter.

Wednesday's report may be closely watched by investors who were stung by Tuesday's global sell-off of stocks.

That market plunge was set off by a sharp drop in Chinese stocks, Monday's comments about a possible recession by former U.S. Federal Reserve Chairman Alan Greenspan, and some disappointing economic data in the United States.

Some information for this report was provided by AFP, AP and Reuters.