WASHINGTON: The US economy grew at a slower pace late last year than previously thought, largely due to weaker consumer spending during the holiday shopping season, official data released Friday showed.

The Commerce Department cut its estimate of gross domestic product growth in the final quarter to an annual rate of 2.4 per cent, from an initial reading of 3.2pc.

Analysts had expected a somewhat smaller GDP revision to a 2.6pc pace in the final quarter, which began with the negative effects of the government shutdown in October and ended with disappointing holiday retail sales in December amid extreme winter weather.

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