US Fourth-Quarter GDP Revised Lower on Weaker Consumer Spending
- Revision shows 2.7% annual gain versus 2.9% initial estimate
- Federal Reserve’s key inflation metrics were revised higher
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US economic growth in the fourth quarter was weaker than previously estimated, reflecting a downward revision to consumer spending as the Federal Reserve’s preferred inflation figures were revised higher.
Inflation-adjusted gross domestic product, or the total value of all goods and services produced in the US, increased at a 2.7% annualized rate during the period, Commerce Department data showed Thursday. The figure compares with a previously reported 2.9% advance.