US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate

By PAUL WISEMAN
AP Economics Writer

WASHINGTON (AP) — The U.S. economy grew at a solid 3.4% annual pace from October through December, the government said in an upgrade from its previous estimate. The government had previously estimated that the economy expanded at a 3.2% rate last quarter. The Commerce Department’s revised measure of the nation’s gross domestic product — the total output of goods and services — confirmed that the economy decelerated from its sizzling 4.9% rate of expansion in the July-September quarter. But last quarter’s growth was still a solid performance, coming in the face of higher interest rates and powered by growing consumer spending, exports and business investment in buildings and software.