The U.S. economy grew at a much slower than expected pace in the fourth quarter, according to new data released on Wednesday.
The Commerce Department’s Bureau of Economic Analysis (BEA) released its advance estimate for fourth quarter gross domestic product (GDP), which found the U.S. economy grew at an annual rate of 1.4% in the fourth quarter, which runs from October through December.
Economists surveyed by LSEG had expected the economy to grow at a 3% rate in the quarter. The fourth quarter’s 1.4% growth was slower than the 4.4% GDP growth recorded in the third quarter.
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