Revised data released by the Commerce Department on Wednesday showed the U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2023.
The Commerce Department said the jump by real gross domestic product in the fourth quarter was downwardly revised to 3.2 percent from the previously reported 3.3 percent. Economists had expected the surge in GDP to be unrevised.
The slightly slower than previously estimated growth reflected downward revisions to private inventory investment and federal government spending as well as an upward revision to imports, which are a subtraction in the calculation of GDP.
Meanwhile, the report also showed upward revisions to state and local government spending, consumer spending, residential fixed investment, nonresidential fixed investment and exports.
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