Fourth Quarter Economic Growth Revised Lower

Washington, DC, Feb. 28, 2014 -- Fourth quarter economic growth was revised lower from the initial estimate of 3.2%.

The Commerce Department said gross domestic product grew at a 2.4% annual rate last quarter, partly because consumers didn't spend as much as initially estimated.

The revised estimate is the weakest quarterly showing since the first quarter of last year.

Consumer spending was estimate to have expanded at a 2.6% annual rate, down from the initial estimate of 3.3% though still the strongest quarterly spending by consumers in nearly two years.