In the fourth quarter of 2023, the US economy saw an upward revision in Gross Domestic Product (GDP), according to a report released by the Bureau of Economic Analysis on Thursday. Real GDP was revised up to an annual rate of 3.4%, reflecting an increase in consumer spending, government spending, exports, and fixed investments.
The report also revealed that personal income increased by $230.2 billion in the fourth quarter, with personal savings growing by $6.3 billion to $815.5 billion. The saving rate climbed to 4.0%, reflecting positive trends in personal income and savings. Additionally, domestic U.S. corporate profits increased by $5.9 billion compared to a $9 billion rise in the third quarter of 2023.
For the year as a whole, the BEA reported that real gross output increased by 2.1%, with private goods-producing industries up by 2% and private services-producing industries up by 2.1%. Government output also saw an increase of 2.2%. Prices also saw an increase, with the price index for gross domestic purchases up by 1.9% and personal consumption expenditures increasing by 1.8%.
Furthermore, the Personal Consumption Expenditures (PCE) index excluding food and energy saw an increase of 2.0%, reflecting overall positive trends in the economy for the fourth quarter of