U.S. Fourth-Quarter Growth Revised Down to 2.2% From 2.6%

• U.S economic growth cooled by more than initially reported last quarter on revisions to consumer and government spending, signaling mounting challenges to the expansion as it nears a record duration.
• Gross domestic product grew at a 2.2% annualized rate, Commerce Department data showed Thursday, less than the initial 2.6% reading and projections for a revision of 2.3%.
• Consumer spending, the biggest part of the economy, grew at a downwardly revised 2.5% pace that also missed projections.
• The final reading on a turbulent quarter that included U.S. stocks tumbling to the cusp of a bear market adds to concerns for the world’s biggest economy as global headwinds gather from Europe to China.

(Source: Bloomberg)