The U.S. economy grew at a 2.8% annual rate in the fourth quarter, slower than previously calculated and less than forecast as state and local governments made deeper cuts in spending. The revised increase in gross domestic product compares with a 3.2% estimate issued last month and a 2.6% gain in the third quarter, figures from the Commerce Department showed. The economy, excluding inventories, grew at a 6.7% annual pace, the most since 1998. For all of 2010, the U.S. economy expanded 2.8%, the most in five years, after shrinking 2.6% in 2009. (More at Bloomberg.com . . . )
