Q4 GDP growth faster than estimated
Expansion fuelled by strong consumer spending on services
Add BT as a preferred source[WASHINGTON] The US economy grew more rapidly in the fourth quarter than previously estimated as consumer spending climbed by the most in three years, showing that the expansion had momentum heading into this year's harsh winter.
Gross domestic product (GDP) grew at a 2.6 per cent annualised rate from October till December, more than the 2.4 per cent gain reported last month, figures from the Commerce Department showed yesterday in Washington.
Robust consumer spending on services, particularly health care, helped accelerate the expansion, a sign that this year's slowdown is partly due to heavy snowfall and freezing temperatures. Companies including retailers such as Macy's Inc are waiting for the weather to improve to get a clearer picture of the economy's health.
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