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U.S. Economic Growth Hits the Brakes in the Fourth Quarter

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U.S. economic growth slowed down in the fourth quarter as businesses stepped up efforts to reduce an inventory glut and a strong dollar and tepid global demand weighed on exports. The Commerce Department said on Friday that gross domestic product increased at a 0.7 percent annual rate and added that lower oil prices continue to undermine investment by energy firms while unseasonably mild weather cut into consumer spending on utilities and apparel. However, some of the impediments to growth are reportedly temporary and the economy is expected to get back on track in the first quarter. Excluding inventories and trade, the economy grew at a 1.6 percent pace.

Added on the 29/01/2016 09:39:50 - Copyright : Wochit

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