• Mon. Jun 24th, 2024

U.S. Economy Surges in Fourth Quarter with GDP Growth and Personal Income Boosts

BySamantha Jones

Mar 28, 2024
U.S. Economy Expanded More Than Initial Estimates in Q4 2023

The U.S. economy experienced further growth in the fourth quarter of 2023 than previously reported, according to a report from the Bureau of Economic Analysis released Thursday. The Gross Domestic Product (GDP) was revised up to an annual rate of 3.4%, while personal income saw an increase of $230.2 billion in the fourth quarter, up $10.7 billion from the previous estimate.

The real GDP, adjusted for inflation, increased by 3.2%. This update was primarily due to upward revisions in consumer spending and nonresidential fixed investment, although private inventory investment saw a slight downward revision. Driving the increase in real economic output were consumer spending, government spending, exports, and fixed investments.

Personal saving also saw growth, increasing by $6.3 billion to $815.5 billion, while the savings rate climbed by one percent to 4.0%. Additionally, domestic U.S. corporate profits increased by $5.9 billion compared to a $9 billion rise in profits for the third quarter of 2023.

For the entire year of 2023, the real gross output increased by 2.1%, private goods-producing industries grew by 2%, private services-producing industries increased by 2.1%, and government increased by 2

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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