U.S. economy grew less than forecast in fourth quarter

January 27, 2012 at 8:14 a.m. | Updated January 27, 2012 at 11:05 a.m.

by Bloomberg News

Jerry Clay of Chicago shops at the Macy’s store on State Street in Chicago on Dec. 13. A monthly survey shows consumers’ confidence in the economy in December surged to the highest level since April and is near a post-recession peak.
Jerry Clay of Chicago shops at the Macy’s store on State Street in Chicago on Dec. 13. A monthly survey shows consumers’ confidence in the economy in December surged to the highest level since April and is near a post-recession peak.

WASHINGTON — The U.S. economy expanded less than forecast in the fourth quarter as consumers and government agencies curbed spending.

Gross domestic product, the value of all goods and services produced, climbed at a 2.8 percent annual pace following a 1.8 percent gain in the prior quarter, Commerce Department reported.

The median forecast of 79 economists surveyed by Bloomberg News called for a 3 percent increase.

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