US economy grew at 0.1 percent rate in 4Q
WASHINGTON – The U.S. economy grew at a 0.1 percent annual rate from October through December, the weakest performance in nearly two years. But economists believe a steady housing rebound, stronger hiring and solid spending by consumers and businesses are pushing economic growth higher in the current quarter.
The Commerce Department's second estimate of fourth-quarter growth was only slightly better than its initial estimate that the economy shrank at a rate of 0.1 percent. And it was well below the 3.1 percent growth rate reported for the July-September quarter.
The revision to the gross domestic product was due to higher exports and more business investment. GDP is the broadest measure of the economy's output.
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