US economy grows at 1.4% rate in the fourth quarter, slower than expected

U.S. economic growth slowed in the final three months of last year, dragged down by the six-week shutdown of the federal government and a pullback in consumer spending. The nation's gross domestic product — the output of goods and services — increased at a 1.4% annual rate in the fourth quarter, the Commerce Department reported Friday, down from 4.4% in the July-September quarter and 3.8% in the quarter before that. Consumer spending rose just 2.4%, a significant slowdown from the third quarter’s healthy 3.5% gain.