Fourth-quarter growth revised down to 2.8 percent

How many times can you rembember the economic estimates actually being revised UP during Obama's term in office?...Bueller, anyone?

WASHINGTON (Reuters) - The economy grew slower than initially estimated in the fourth quarter as government investment contracted more sharply and consumer spending was less robust, a government report showed on Friday.

Gross domestic product growth was revised down to an annualized rate of 2.8 percent, the Commerce Department said in its second estimate, from 3.2 percent.

Economists had expected GDP growth, which measures total goods and services output within U.S. borders, to be revised up to a 3.3 percent pace. The economy expanded at a 2.6 percent rate in the third quarter. For the whole of 2010, the economy grew 2.8 percent instead of 2.9 percent.

The report confirmed the Federal Reserve's concerns that the pace of growth remained too slow to significantly lower a 9.0 percent unemployment rate. It makes it very likely that the U.S. central bank will complete its $600 billion government bond- buying program to further stimulate demand by lowering interest rates.