US GDP Revised Downwards In Q4
US economic growth was worse than expected in the fourth quarter due to the downward revision in consumer spending. This result was not reflected in expectations but was expected. 2.7% Increase According to Departmental Data The total value of all goods and services produced in the US increased at an annual rate of 2.7 percent in this period, the Commerce Department reported on Thursday. Previously, this rate was 2.9 percent. According to the findings of the report, the economy will lose momentum until the end of 2022. Private domestic purchases, a key measure of core demand known as inflation-adjusted final sales excluding trade, government spending and inventories, rose just 0.1 percent. This is the lowest level since the pandemic began. The Increase Was Above Expectations In the last three months of 2022, household spending rose 1.4 percent from a year earlier, while spending on durable goods such as motor vehicles fell for the third consecutive quarter. Consumer spending was initi...