The Globe and Mail reports in its Thursday, Feb. 29, edition that the U.S. economy grew at a solid rate during the fourth quarter, thanks to robust consumer spending. A Reuters dispatch to The Globe reports that the government confirmed this on Wednesday. Despite a weak start due to bad weather, the outlook for this year looks promising. The report from the Commerce Department showed a much stronger growth profile last quarter, with upgrades to consumer spending, state and local government investment as well as residential and business outlays. Oxford Economics economist Ryan Sweet says: "Though weather wreaked havoc on some of the data for January, including retail sales, housing starts, and home sales, risks are still weighted toward the upside for growth early this year. A weather-related rebound in activity in February coupled with a recent surge in tax refunds should provide a boost to growth in retail sales." Gross domestic product increased at a 3.2-per-cent annualized rate last quarter, revised slightly down from the previously reported 3.3-per-cent pace, the Commerce Department's Bureau of Economic Analysis said in its second estimate of fourth quarter GDP growth.