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Bloomberg: U.S. Economy Grew at Revised 0.4% in Q4 2012

March 29, 2013, 07:11 AM
Filed Under: Economy

Bloomberg reported the U.S. economy grew at a faster pace than previously estimated in the fourth quarter, reflecting a bigger gain in business spending.

According to the report, GDP rose at a 0.4% annual rate, up from a 0.1% prior estimate and following a 3.1% grwoth rate in the third quarter, according to revised Commerce Department figures. The report cites the fourth-quarter slowdown was due to the biggest slump in military spending since 1972 and a reduction in the rate of inventory building.

A bigger increase in the rate of business investment in structures and a smaller trade gap accounted for the upward revisions to fourth-quarter growth, according to Bloomberg.

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