US economic recovery weaker than thought

The US economic recovery was weaker than previously estimated at the end of last year, which could add to concern about its ability to withstand the impact of higher oil prices driven by turmoil in the Middle East. US gross domestic product increased at an annualised rate of 2.8 per cent in the fourth quarter, compared with an earlier government projection of 3.2 per cent growth. Economists had been expecting a small upward revision. The disappointment was partly due to a downward estimate of consumer spending, which rose by 4.1 per cent instead of 4.4 per cent for the quarter....