U.S. GDP grew at a 5.2% rate in the third quarter, even stronger than first indicated

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https://www.cnbc.com/2023/11/29/us-gdp-grew-at-a-5point2percent-rate-in-the-thi…

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The U.S. economy grew at an even stronger pace then previously indicated in the third quarter, the product of better-than-expected business investment and stronger government spending, the Commerce Department reported Wednesday.

Gross domestic product, a measure of all goods and services produced during the three-month period, accelerated at a 5.2% annualized pace, the department’s second estimate showed. The acceleration topped the initial 4.9% reading and was better than the 5% forecast from economists polled by Dow Jones.

Primarily, the upward revision came from increases in nonresidential fixed investment, which includes structures, equipment and intellectual property. The category showed a rise of 1.3%, which still marked a sharp downward shift from previous quarters.

Government spending also helped boost the Q3 estimate, rising 5.5% for the July-through-September period.

However, consumer spending saw a downward revision, now rising just 3.6%, compared with 4% in the initial estimate.