Posted: Feb 28, 2013 5:40 AM by ASSOCIATED PRESS
WASHINGTON (AP) - The U.S. economy grew at a 0.1 percent annual rate from October through December, the weakest performance in nearly two years.
The Commerce Department's revision to fourth-quarter growth was only slightly better than its initial estimate that the economy shrank at a rate of 0.1 percent.
The upward revision reflected strength in exports and business investment. Analysts believe growth is rebounding in the current quarter despite higher taxes and government spending cuts set to start on Friday. A steady rebound in housing and solid business and consumer spending is expected to push growth higher in the current quarter.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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