| The Commerce Department reports the U.S. economy grew at 2.2% annual pace in the fourth quarter of 2014, unchanged from the government’s prior estimate and less than half the 5% pace in the third quarter. Exports and consumer spending, especially on health care, were revised to show a stronger increase, but that was offset by a reduction in how much companies spent to build up inventories. Consumer spending was raised to 4.4% in the fourth quarter from 4.2%, marking the largest increase since 2006. Exports also rose 4.5% instead of 3.2%. The value of inventories was lowered to $80 billion from $88.4, reflecting smaller stocks of oil and gas among U.S. energy producers . For all of 2014, U.S. gross domestic product grew at a revised 2.4% rate, compared to 2.2% in 2013 and 2.3% in 2012. |
