According to BlockBeats, on September 26, the revised US GDP data released tonight showed that the US economy grew faster than initially expected in 2023 due to upgraded business investment and consumer spending despite the Federal Reserve’s sharp interest rate hikes. The US GDP growth rate in 2023 was revised to 2.9%, higher than the previous forecast of 2.5%. The upgrade of residential investment (including residential construction) also led to this revision. The economic growth rate in 2022 was revised up by 0.6 percentage points to 2.5%, mainly due to upward revisions to consumer spending and business investment. The annual benchmark data from the Bureau of Economic Analysis (BEA) of the US Department of Commerce also showed that corporate profits were revised up sharply last year. The revision to inflation was small, while the savings rate increased. Dave Wasshausen, deputy director of the BEA National Economic Accounts Department, said the overall situation of the economy has not changed. (Jinshi)

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