US economy grew 2.3% in the fourth quarter, slower than expected [Video]

The U.S. economy grew slower than expected in the fourth quarter, according to new data released on Thursday.

The Commerce Department’s Bureau of Economic Analysis released its advance estimate for fourth quarter gross domestic product (GDP), which found the U.S. economy grew at an annual rate of 2.3% in the fourth quarter, which runs from October through December. 

Economists surveyed by LSEG had expected the economy to grow at a 2.6% rate in the quarter. The fourth quarter’s 2.3% growth was slower than the 3.1% GDP growth recorded in the third quarter.

GDP growth was driven primarily by growth in consumer and government spending but was partly offset by a decrease in investment.

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Consumer spending grew 4.2% in the fourth quarter, with increases in both services and goods. It was up from 3.7% in the third quarter and 2.8% in the second quarter. Government spendingwas up 2.5% in the fourth quarter – which was …