WASHINGTON — Real gross domestic product expanded 2.8% at an annual rate in the fourth quarter, revised sharply lower from the initial estimate of 3.2% growth released last month, as consumer spending and government spending were revised down, the Commerce Department reported Friday.
Personal consumption expenditures, excluding food and energy goods, increased 0.5% for the quarter, revised up from a 0.4% rise reported last month.
Economists expected GDP to increase 3.3% for the quarter and for core PCE to gain 0.4%, according to the median estimate from Thomson Reuters.
