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GDP growth revised down in US for Q4, but Q1 looks rosier

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GDP growth revised down in US for Q4, but Q1 looks rosier

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Revised US growth figures for 2014’s fourth quarter have been taking the shine off last year’s performance. GDP growth is now thought to have hit 2.2% and not the 2.6% earlier estimated, following Q3’s 5% spurt.

However consumer spending is speeding up at its fastest pace since 2006, and there is also healthy momentum driving other areas of domestic demand, encouraging analysts the believe the slowdown is only temporary.

Business spending intentions showed a rebound in January after four months of decline leading to forecasts of higher growth for this year’s Q1.