US Economy Beats Expectations in Fourth Quarter Growth, but Inventory Investment Offsets Gains

US Economy Expands by 3.4% Year-Over-Year in Fourth Quarter with Boost from Consumer Spending and Strong Exports

In the fourth quarter of 2023, the US economy experienced growth at an annualized rate of 3.4%. This was higher than the previously estimated 3.2% growth rate. The Commerce Department attributed this growth to upward revisions in consumer spending and nonresidential fixed investment. However, there was a slight offset in private inventory investment, which was revised downward.

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