John Carney 29 Nov 2023
The U.S. economy grew at a blistering 5.2 percent annual pace in the third quarter, the government said Wednesday.
This was faster than the previous estimate of 4.9 percent, which was much higher than anticipated. Excluding the rebound from the pandemic, this is the fastest pace of growth in a decade.
The upward revision reflects an increase in government spending and business investment. Consumer spending was revised down as were exports.
This is the government’s second estimate of gross domestic product, the official government scorecard for the economy. In the second quarter, the government grew at a 2.1 percent annual rate.
Household spending rose at a 3.6 percent pace, down from the original estimate of 4 percent. Consumer spending has been surprisingly robust despite surveys showing consumer sentiment about the economy in the doldrums. Many economists think low levels of unemployment and excess savings left over from the pandemic are encouraging consumers to spend.
The personal saving rate was revised up to four percent from 3.8 percent. Disposable personal income grew 2.9 percent after an upward revision. Adjusted for inflation, real after-tax income rose 0.1 percent after a big upward revision of 1.1 percentage points.
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https://www.breitbart.com/economy/2023/11/29/gdp-revised-2/
