Thanks to strong spending on the part of consumers, the U.S. economy slowed at lower pace than previously thought during the last quarter of the year.
According to a report in Reuters, gross domestic product (GDP) increased at a 2.1 percent annualized rate during the fourth quarter of 2016 instead of the previously reported 1.9 percent increase. Reuters cited the Commerce Department, which released its third GDP estimate for the fourth quarter on Thursday (March 30).