UNITED STATES NEWS

US economic growth last quarter is revised up to a 2% annual rate

Jun 29, 2023, 7:00 PM

WASHINGTON (AP) — The U.S. economy grew at a 2% annual pace from January through March as consumers spent at the fastest pace in nearly two years, the government said Thursday in a sharp upgrade from its previous estimate.

The government had previously estimated that the economy expanded at a 1.3% annual rate last quarter.

The Commerce Department’s third and final report on January-March economic growth pointed to surprising resilience but still marked a deceleration from the 3.2% growth from July through September. The economy has been slowed by the Federal Reserve’s aggressive drive to tame inflation through a series of interest rate hikes beginning early last year.

Yet Thursday’s report on the nation’s gross domestic product — the total output of goods and services — showed why the economy has so far managed to defy expectations of a coming recession: Consumers continue to spend even in the face of ever-rising borrowing costs. Their spending, which fuels about 70% of the economy, rose at a 4.2% annual rate in the January-March quarter, the most since April-June 2021.

The economy grew even though a cutback in business inventories shaved 2.1 percentage points off last quarter’s growth rate.

 

United States News

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US economic growth last quarter is revised up to a 2% annual rate