(AURN News) — New data from the U.S. Department of Commerce shows gross domestic product grew at an annual rate of 0.7% in the fourth quarter, down from the initial estimate of 1.4%.
That means the economy still expanded, but much more slowly than initially thought — about half the earlier estimate.
Inflation data was mixed. The personal consumption expenditures price index, the Federal Reserve’s preferred measure of inflation, rose 0.3% in January, while core PCE, which excludes food and energy, increased 0.4%.
The data shows prices are still rising, meaning many Americans continue to pay more for goods and services.
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