US Economy Did Better Than Expected in the Third Quarter, but Current GDP Estimates Crash

Published on March 28, 2024

U.S. economic growth for the fourth quarter of 2023 has been revised upward, from 3.2 percent to 3.4 percent in the government’s third—and final—update of gross domestic product (GDP) figures, though real-time GDP estimates for the first quarter of 2024 have fallen sharply, undercutting hopes for an economic “soft landing.” The economy expanded by 3.4 percent in the October–December period in 2023, up from the second estimate of 3.2 percent, according to a press release on March 28 from the Bureau of Economic Analysis (BEA). The third, and final, GDP estimate officially marks six consecutive quarters of positive economic growth, prompting some analysts to suggest that the Federal Reserve may be “on track for a soft landing,” meaning successfully cool the economy to bring down inflation without causing a recession....

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