US economy slowed to scant 0.7 pct. growth rate last quarter

WASHINGTON (AP) — The U.S. economy's growth slowed sharply in the final three months of 2015 to a 0.7 percent annual rate. Consumers reduced spending, businesses cut back on investment and global problems trimmed exports.

The slowdown could renew doubts about the durability of the 6½-year-old economic expansion.

The government's estimate of the economy's expansion in the October-December period was less than half the 2 percent annual growth rate in gross domestic product in the third quarter. It was the weakest showing since a severe winter reduced growth to a 0.6 percent annual rate in last year's first quarter.

Activity should rebound in the current January-March period, though economists worry that China's troubles and sinking oil and stock prices could dampen the recovery.