The U.S. economy saw a higher growth rate in the fourth quarter of 2023 than previously estimated, with the Bureau of Economic Analysis revising Gross Domestic Product (GDP) to an annual rate of 3.4%. This was primarily due to upward revisions in consumer spending and nonresidential fixed investments, though private inventory investments decreased.
The increase in real GDP, adjusted for inflation, was recorded at 3.2%, which surpassed expectations for the fourth quarter of 2023. Factors driving this growth included consumer spending, government spending, exports, and fixed investments.
In addition to personal income and savings increases, U.S. corporate profits also rose by $5.9 billion compared to a $9 billion increase seen in profits in the third quarter of 2023. The Bureau of Economic Analysis reported increases in real gross output across various sectors, including private goods and services-producing industries and government output for the whole of 2023.
Seventeen out of twenty-two industry groups contributed to the rise in real gross output across various sectors in the fourth quarter of 2023. Price indices for gross domestic purchases and personal consumption expenditures also saw increases in the same quarter at 1.9% and 1.8% respectively, with the PCE index excluding food and energy seeing a 2% increase
Anthony Cacace, the newly crowned IBF super-featherweight world champion, is open to offering Joe Cordina…
The 2024 PGA Championship is shaping up to be a thrilling competition, with 15 players…
Christine Miller, a nurse practitioner, has recently joined Northern Light Inland Hospital at Northern Light…
The "DTechCon 2024" conference in Kochi was attended by experts who emphasized the importance of…
Manchester City is on the brink of making history with an unprecedented fourth-straight Premier League…
Week 7 of the spring sports season was a great one, with some amazing moments…