The U.S. economy saw further growth in the fourth quarter of 2023 than previously reported, according to a new report from the Bureau of Economic Analysis released on Thursday. The Gross Domestic Product (GDP) was revised up to an annual rate of 3.4%, while personal income increased by $230.2 billion in the fourth quarter, up $10.7 billion from the previous estimate.
The real GDP, adjusted for inflation, increased by 3.2%, thanks to upward revisions in consumer spending and nonresidential fixed investment, although private inventory investment saw a slight downward revision. Driving the increase in real economic output were consumer spending, government spending, exports, and fixed investments.
In addition to this growth, personal saving also increased by $6.3 billion to $815.5 billion and the savings rate climbed by one percent to 4%. Moreover, domestic U.S. corporate profits grew by $5.9 billion compared to a $9 billion rise in profits for the third quarter of 2023.
For the entire year of 2023, the real gross output increased by 2.1%, private goods-producing industries grew by 2%, private services-producing industries increased by 2
The wine market in the United States has been facing challenges in recent months, with…
Akiyo Noguchi and Tomoa Narasaki are two of the most accomplished competitive climbers in Japan,…
The Spring Meetings of the International Ski Federation (FIS) in Davos, Switzerland saw a seminar…
President Joe Biden and Vice President Kamala Harris welcomed the Las Vegas Aces to the…
Charlotte has recently introduced a new grant program, the Start-Scale-Sustain (S3), to support Business District…
A man from Texas, Alfred “Al” Blaschke, recently reclaimed his Guinness World Records title by…