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Gross Domestic Product, Fourth Quarter and Year 2023 (Advance Estimate)
Real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the fourth quarter of 2023 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 4.9 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (refer to "Source Data for the Advance Estimate" on page 3). The "second" estimate for the fourth quarter, based on more complete data, will be released on February 28, 2024. chart The increase in real GDP reflected increases in ... (full story)
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US economic growth ends 2023 with surprising strength
The pace of US economic growth slowed in the last three months of 2023 but far less than had been expected, the commerce department reported on Thursday. US gross domestic product (GDP) – a broad measure of economic health – grew at an annualized rate of 3.3% in the final quarter of the year, down from 4.9% in the previous quarter but well ahead of the 2% economists had expected. The Federal Reserve has been attempting to cool economic activity in order to bring down inflation. Since March 2022 the Fed has increased rates to a 22-year high and held them there. Inflation has fallen from a high of 9% in June 2022 ... (full story)
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