The US economy grew at a 2.6 percent annual rate in the October-December quarter, slightly more than previously estimated, as consumer spending rose at the fastest pace in three years, the government reported Thursday. The Commerce Department said growth in fourth-quarter gross domestic product (GDP) was stronger than the 2.4 percent rate estimated last month. The revision reflected stronger consumer spending, which rose at an annual rate of 3.3 percent, its best quarterly pace since 2010. Despite the upward revision, GDP growth slowed from a 4.1 percent rate in the third quarter. Economists believe growth has slowed further in the current January-March period to about a 2 percent annual rate, as a severe winter has disrupted factory production and limited consumer spending. But as warmer weather appears, analysts expect a rebound in economic activity. Many economists are forecasting that growth for the entire year will reach 3 percent. If accurate, it would be the strongest growth since 2005, two years before the country plunged into the worst recession since the 1930s.
