Analysts have lowered their estimates for U.S. economic growth in the fourth quarter from a 1.5 percent forecast in November to 1 percent, as consumer spending cools and the housing slump continues, Bloomberg reported.

The survey conducted by Bloomberg took the median of 63 estimates from analysts between Dec. 3 and Dec. 10.

Spending, which makes up more than two-thirds of the economy, also is expected to grow in 2008 at the slowest pace in 17 years, as higher fuel costs and falling home values cause consumers to tighten their wallets. This prediction comes after a 4.9 percent growth rate in the third quarter and could help influence the Federal Reserve to reduce interest rates today.

“The odds are not likely for recession, but pretty slow growth” is predicted, said Charles Holliday, CEO of E.I. du Pont de Nemours & Co., parent company of Johnston-based Pioneer Hi-Bred International Inc. “So much of the economy is now the service sector that it takes more to take us into recession than it did.”