GDP growth rate revised down slightly to still-strong 3.2% for fourth quarter of 2023

Economic output growth for the fourth quarter of 2023 was revised down by a tenth of a percentage point to a 3.2% seasonally adjusted annual rate, showing that commerce remained brisk to end the year despite the difficulties created by the Federal Reserve‘s interest rate policies.

The new data, adjusted for inflation, were published Wednesday by the Bureau of Economic Analysis in its report for GDP for the fourth quarter and all of last year. The data showed the economy expanded by 2.5% for all of 2023.

The bureau releases three revisions to its GDP estimates, with the final one coming in March.

The report shows the economy fared much better in 2023 than was expected. Earlier in the year, officials at the Fed were projecting that GDP growth would only grow minimally.

Taken as a whole,
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