US fourth-quarter economic growth rate revised down to 2.4 percent

The US economy grew at a reportedly slower rate against the initially predicted rate in the fourth quarter of 2013.

US gross domestic product (GDP) grew at an annualized rate of 2.4 percent against an expected 3.2 percent from October to December.

According to the BBC, the Commerce Department initially predicted consumer spending had expanded by 3.3%, but spending is now estimated to have grown at a 2.6% annual rate.

Markit chief economist Chris Williamson said that the details of the report suggest that investment is growing at an increased rate and underlying demand continued to expand at a reassuringly robust rate, given the headwinds during the closing months of 2013.

Meanwhile, it is reported that severe winter weather in the US could slow growth further in the current quarter.