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

Consumer and state and local government spending were revised higher in the fourth quarter.

A sales advertisement at a shop in the Fashion Centre at Pentagon City shopping mall in Arlington, Va., on Jan. 3, 2024. Madalina Vasiliu/The Epoch Times

U.S. economic growth for the fourth quarter was revised downward for the final three months of 2023, missing market expectations. Despite revisions in the second estimate of the gross domestic product figures, the national economy still showed robust growth.

The economy expanded by 3.2 percent in the October-to-December period, down from the initial projection of 3.3 percent, according to the Commerce Department’s Bureau of Economic Analysis (BEA) on Feb. 28. That was also lower than the third-quarter expansion of 4.9 percent.