US economic growth revised lower in fourth quarter

This is a developing story about the second reading of fourth-quarter gross domestic product growth. Please check back for updates.

The U.S. economy grew at a slower rate than previously thought in the fourth quarter after the Commerce Department released its first revision of real gross domestic product (GDP) growth for the latest quarter.

The Bureau of Economic Analysis (BEA) released its second estimate of fourth-quarter GDP, which showed the economy grew at a 0.7% rate. That figure was slower than the 1.4% estimate of economists polled by LSEG, and above the Commerce Department’s initial fourth-quarter GDP estimate of 1.4%.