The U.S. economy expanded at a slower pace than initially estimated late last year.
GDP grew at a seasonally adjusted annual rate of 2.4 percent in the fourth quarter of the year, the Commerce Department said Friday, down from an initial measurement of 3.2 percent.
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Why? Some businesses have blamed December's bad weather for a downturn in business.
But the biggest culprit appears to be cuts in government spending:
[Bloomberg]
Without that decrease in government spending, growth would have been more substantial.
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