US economy grows strongly but interest rate rises starting to slow momentum

Gross domestic product increased at 2.9% annualized rate in fourth quarter but economists expect recession later this year The US economy maintained a strong pace of growth in the fourth quarter as consumers boosted spending on goods, but momentum appears to have slowed considerably towards the end of the year, with higher interest rates eroding demand. Gross domestic product - the broadest measure of economic health - increased at a 2.9% annualized rate last quarter, the commerce department sai...