US Economic Growth Revised Downward, Inflation Adjusted Upward in 2nd GDP Estimate

U.S. economic growth was revised downward, and prices were adjusted upward for the fourth quarter, missing market expectations. Despite changes in the second estimate of the GDP figures, the national economy still showed robust growth in the final three months of 2023. The economy expanded 3.2 percent in the October to December period, down from the first projection of 3.3 percent, according to the Bureau of Economic Analysis (BEA). This was also down from the third-quarter expansion of 4.9 percent. The updates reflected a down adjustment to private inventory investment and upward changes to consumer and state and local government spending. Like the advanced estimate, the increase in real GDP in the last quarter was driven by exports, residential and non-residential fixed investment, consumer outlays, and federal, state, and local government spending....