The U.S. economy grew at a faster pace than first thought at the end of last year, though it was still deemed disappointingly slow.

Friday’s report from the Commerce Department says 2015’s fourth quarter saw the gross domestic product expand at a one percent annual rate.  Experts initially put the GDP growth rate a bit slower than that, and this estimate is a routine revision based on more complete data.

A White House economic advisor says growth faltered late last year because falling oil prices cut investments in that sector, and global demand for U.S. exports slowed.

For all of 2015, the U.S. economy expanded by 2.4 percent.  Many analysts say U.S. growth will probably speed up later this year as consumers benefit from an improving job market and lower gasoline costs.

Separate economic reports Friday said U.S. consumer spending rose in January by the most in eight months.  Economists watch spending closely because consumer demand drives most U.S. economic activity.

Other new data show that the U.S. inflation rate rose in January, getting closer to the two percent rate that experts at the U.S. central bank say would help economic growth. [Read More]

—–
Source: VOA News: Economy and Finance