America’s gross domestic product — the nation’s output of goods and services — increased at an 1.4% annual rate in the fourth quarter, down from 4.4% in the July-September quarter and 3.8% in the quarter before that.
A downturn in government and consumer spending contributed to the slowdown in fourth-quarter growth, the Commerce Department reported Friday. Consumer spending rose just 2.2%, a significant slowdown from the third quarter’s healthy 3.5% gain.
