(RTTNews) - The U.S. economy unexpectedly grew by more than previously estimated in the fourth quarter of 2023, the Commerce Department revealed in a report released on Thursday.
Revised data showed real gross domestic product surged by 3.4 percent in the fourth quarter compared to the previously reported 3.2 percent jump. Economists had expected the pace of GDP growth to be unrevised.
The Commerce Department said the stronger than previously estimated growth primarily reflected upward revisions to consumer spending and nonresidential fixed investment that were partly offset by a downward revision to private inventory investment.
