US GDP Expands Less than Forecast in Q04 2011

The US economy expanded less than forecast in Q04 2011 as consumers and government agencies curbed spending. Gross Domestic Product (GDP) expanded at a 2.8% annual rate, following a 1.8% gain in the prior quarter and below economists’ median estimate of a 3% rise. Excluding an increase in inventories, the economy experienced growth of 0.8%.