Fourth-quarter GDP Grew at 0.6% Rate

The U.S. economy expanded at a 0.6 % annual growth rate in the fourth quarter, unchanged from last month’s preliminary estimate, according to a revised figure issued Thursday by the Commerce Department.

Economists had expected an upward revision to 0.8%, Bloomberg news reported.

Meanwhile, Federal Reserve Chairman Ben Bernanke, in congressional testimony on Wednesday, signaled that the Fed could be ready to enact further interest rate cuts in order to stave off further economic contraction, Bloomberg said.

The 0.6% fourth-quarter growth rate followed a 4.9% GDP expansion in the third quarter, which was the highest rate of growth in four years, according to Commerce.