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US economy loses momentum in fourth quarter

US economic output grew at only a 0.7 percent annual pace in the fourth quarter, to hold overall growth for last year at 2.4 percentEconomic output grew at only a 0.7 percent annual pace in the fourth quarter, to hold overall growth for last year at 2.4 percent, the same pace as 2014, the Commerce Department reported Friday. Consumer spending slowed somewhat but spending on homes held up in a sign of some tenacity. The slowdown came on the back of slumping business investment in buildings and equipment, related in part to the deep contraction in the oil sector.

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