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U.S. economy hits soft patch in fourth quarter as inventories, trade weigh

By Lucia Mutikani WASHINGTON (Reuters) – U.S. economic growth braked sharply in the fourth quarter as businesses stepped up efforts to reduce an inventory glut and a strong dollar and tepid global demand weighed on exports. Gross domestic product increased at a 0.7 percent annual rate, the Commerce Department said on Friday in a report that showed a further cutback in investment by energy firms grappling with lower oil prices. Growth in consumer spending also slowed as unseasonably mild weather cut into

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U.S. economy hits soft patch in fourth quarter as inventories, trade weigh