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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search ADVERTISEMENT Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap US growth slows as governments rein in spending AFP - Saturday, February 26 Send IM Story Print WASHINGTON (AFP) - – US economic growth was slower than thought in the final months of 2010, as federal and local governments slashed spending to forestall looming budget crises, the Commerce Department reported Friday. Growth edged down to 2.8 percent in the last quarter of the year, a slower pace than first thought, putting yet another question mark over the vitality of the recovery. With the United States locked in a fierce political debate over government costs, local authorities cut spending by nearly two-and-a-half percent, helping trim the growth rate. The Commerce Department had initially estimated that gross domestic product increased 3.2 percent in fourth quarter, with governments paring spending by less than one percent. As massive stimulus spending petered out, Washington also reduced federal outlays, with spending reduced by 0.2 percent compared with a 8.8 percent increase in the third quarter. The budget debate has intensified in recent weeks, as Republican governors have moved to break public workers' collective bargaining rights in a bid to cut salary costs. With many states facing the prospect of default on debt obligations, Republicans and Democrats have clashed over how far and fast spending should be cut. President Barack Obama has warned that spending cannot be cut too quickly for fear of stalling the recovery, while Republicans say a deficit crisis is just around the corner and demands immediate action. The Commerce Department report is likely to provide fodder for both sides. But government spending was not the only driver for the revision. Lower inventory investment also bit into the recovery, while consumer spending and the trade balance were not as favorable as expected. Although the figures were worse than economists expected, they depicted an economy that was in much better shape than the year before, when the country was still reeling from the financial crisis. "Real personal consumption expenditures increased 4.1 percent in the fourth quarter, compared with an increase of 2.4 percent in the third," the department said. For the whole of 2010 the economy grew 2.8 percent, versus the 2.9 percent rate previously reported. That compared to a 2.6 percent contraction the previous year. Recommend Send IM Story Print News Search Top Stories Libya live report Dior suspends Galliano after alleged Paris assault US growth slows as governments rein in spending British economic recovery falters in fourth quarter Libya on edge as Kadhafi forces fight back in west More Top Stories » ADVERTISEMENT Most Popular Most Viewed Toyota recalls more than 2 million vehicles 'Runaway millionaire' arrested in NZ: police Discovery shuttle blasts off on last space odyssey Kadhafi rants at 'Al-Qaeda inspired' revolt Libya live report More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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