US economy grew at moderate 2.2 percent in fourth quarter

WASHINGTON (AP) -- The U.S. economy slowed more sharply in the final three months of the year than previously believed, reflecting weaker business stockpiling and a bigger trade deficit. The slowdown is expected to be temporary as economists are still optimistic that growth will post a solid rebound in 2015.

The Commerce Department says the economy as measured by the gross domestic product grew at an annual rate of 2.2 percent in the October-December quarter, less than the 2.6 percent first estimated last month. It marked a sharp slowdown from a 5 percent growth rate in the third quarter, which had been the strongest growth in 11 years.

Economists still believe growth for all of 2015 will be around 3 percent, the strongest annual pace in a decade.