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Fourth-Quarter GDP Growth Estimate Cut to 2.4%

Reuters (02/28/14) Lucia Mutikani

U.S. gross domestic product expanded at a 2.4% annual pace in the fourth quarter of 2013, revised downward from the 3.2% pace reported a month earlier, according to the U.S. Department of Commerce. Economists surveyed by Reuters had forecast a revision to 2.5%. Weaker than expected November and December consumer spending accounted for a large portion of the revision.