Economic Growth Cools in Fourth Quarter

Washington, DC, Jan. 30, 2015 -- U.S. economic growth slowed to a 2.6% annual pace in the fourth quarter, according to the Commerce Department.

Lackluster business spending and a growing trade deficit offset the fastest growth of consumer spending since 2006.

Third quarter GDP grew 5%.

The slowdown may well be temporary given plunging gasoline prices.

For all of 2014, the economy grew 2.4% compared to 2.2% in 2013.