U.S. economic growth slowed in the fourth quarter, but not as sharply as previously estimated, with fairly strong consumer spending offsetting the drag from efforts by businesses to reduce an inventory overhang.
Gross domestic product increased at a 1.4 percent annual rate instead of the previously reported 1.0 percent pace, the Commerce Department said on Friday in its third GDP estimate.
GDP growth was initially estimated to have risen at only a 0.7 percent rate. The economy grew at a rate of 2.0 percent in the third quarter and expanded 2.4 percent for all of 2015.
Economists polled by Reuters had expected that fourth-quarter GDP growth would be unrevised at a 1.0 percent rate.