Real gross domestic product (GDP) increased at an annual rate of 4.9 percent in the third quarter of 2023 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.1 percent. The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 5.2 percent. The update primarily reflected a downward revision to consumer spending. Imports, which are a subtraction in the calculation of GDP, were revised down (refer to "Updates ... (full story)

Economic growth expanded at a 4.9% seasonally adjusted annual rate in the third quarter of this year, the Bureau of Economic Analysis said Thursday in a revised estimate, the strongest growth since the country’s pandemic rebound. Economic growth in the third quarter was revised down by 0.3 percentage points to a 4.9% seasonally adjusted annual rate in the third and final GDP estimate. The strong third-quarter growth indicates underlying momentum in commerce despite the Federal Reserve keeping interest rates at their highest level in years. The final estimate is good news not just for the economy but also for the ... (full story)