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New GDP Estimate Shows Economy Grew 0.1% in 4Q

USA Today (02/28/13) Tim Mullaney

The U.S. economy grew at an annual pace of 0.1% in the last three months of 2012, the U.S. Department of Commerce reported today, wiping away an initial estimate that said the economy shrank as a big drop in defense spending and weak exports held down growth. The new figure fell short of economists’ consensus forecast that the economy grew 0.5%. A month ago, the government estimated that the economy shrank at a 0.1% annual rate in the quarter.