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US growth Leached down to 2.2 Percent



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The slowdown in the USA economy at the end of last year was more pronounced than previously thought, official figures have shown, The world’s largest economy grew at an annual pace of 2.2% between October and December, against a previous estimate of 2.6%, the Commerce Department said, The downward revision was due to a slower rise in business inventory investment than previously estimated, The US economy grew at an annual pace of 5% in the previous quarter, The slowdown in growth from the third quarter was caused by a rise in imports and a downturn in government spending, The second estimate of US growth is based on a more complete source of economic data.

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