US revises down last quarter’s economic growth to 2.7% rate
1 year, 10 months ago

US revises down last quarter’s economic growth to 2.7% rate

Associated Press  

WASHINGTON — The U.S. economy expanded at a 2.7% annual rate from October through December, a solid showing despite rising interest rates and elevated inflation, the government said Thursday in a downgrade from its initial estimate. The Commerce Department’s revised estimate of the fourth quarter’s gross domestic product — the economy’s total output of goods and services — marked a deceleration from the 3.2% growth rate from July through September. Thursday’s report revised down the government’s estimate of consumer spending growth in the October-December quarter, from a 2.1% rate to 1.4%. If so, stronger consumer spending could force the Fed to continue raising rates or keep them elevated for longer to cool the economy and quell inflation.

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