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U.S. GDP Revised Down

In a significant drop from the initial estimate of 3.2 percent released in January, the Commerce Department said Friday that it now calculates the U.S. economy as having grown at a rate of 2.4 percent for the fourth quarter of 2013. The revised number, while roughly what economists had expected, demonstrates a lack of momentum, which many had hoped the U.S. economy was gaining. It also represents a serious slowdown from the 4.1 percent pace of the third quarter and comes after lackluster employment numbers for December and January, leaving many fearfully anticipating next week’s jobs numbers for the month of February.