Revised US GDP Data Shows Faster Growth In 2023

According to BlockBeats, revised U.S. GDP data released on September 26 indicates that the American economy grew faster in 2023 than initially expected. Despite significant interest rate hikes by the Federal Reserve, increased business investment and consumer spending contributed to this upward revision. The GDP growth rate for 2023 has been adjusted to 2.9%, up from the previously estimated 2.5%. This revision was also influenced by an upgrade in residential investment, including residential construction. Additionally, the economic growth rate for 2022 has been revised upward by 0.6 percentage points to 2.5%, primarily due to higher consumer spending and business investment. The annual benchmark data from the U.S. Bureau of Economic Analysis (BEA) also revealed a significant upward revision in corporate profits for the previous year. Adjustments to inflation were minimal, while the savings rate saw an increase. Dave Wasshausen, Deputy Director of the BEA's National Economic Accounts, stated that the overall economic condition remains unchanged.