The United States economic surge lost much of its momentum as 2015 came to an end.
Figures released this morning show that the U.S. economy only grew 0.7% between October and December. It's the slowest pace since the first quarter of 2015, when the economy grew at a 0.6% pace as parts of the country battled with blizzards and businesses shutting down.
For the full year, the U.S. economy grew 2.4% in 2015, matching the gains made in 2014.
The slowdown in the last three months of 2015 is more worrisome. A global economic slowdown appears to be finally weighing heavily on the stateside economy. Despite a strong job market, other signs point to slowing growth.
American manufacturing, which makes up 10% of the economy, is in a recession and the industry's key index, the Institute for Supply Management, has declined for six straight months. Consumer spending was negative or flat for seven out of 12 months last year.
Experts say there are other signs of how cautious consumers have become. The personal savings rate released Friday ticked up to 5.4% in December compared to 5.2% in November. When savings go up, it shows that consumers are more reluctant to spend, reflecting their concerns about the economy's future.