US GDP 10-December Revised Values ​​Revised Down from Preliminary Figures-Private Consumption Pushes Down – Bloomberg

The October-December 2022 (fourth quarter) U.S. real gross domestic product (GDP) revision has been revised downward from the preliminary figures. The downward revision of personal consumption has had an impact. Inflation indicators, which are the focus of the US Fed, have been revised upward from preliminary figures.

Key Point
Revised real GDP for October-December increased by 2.7% year-on-year compared to the previous quarter The median forecast of economists in a Bloomberg survey predicted a 2.9% rise. Preliminary figure increased by 2.9% July-September (third quarter) increased by 3.2%

A closer look at the revised numbers shows that the U.S. economy was losing momentum late last year. Excluding trade, government spending and inventories, real private domestic final demand rose just 0.1%, the slowest growth since the pandemic began.

Personal consumption increased by 1.4% annually from the previous quarter. Preliminary figures were up 2.1%. Consumption of durable goods such as automobiles fell for the third straight quarter.

The personal consumption expenditures (PCE) price index, an inflation indicator, rose 3.7% annually in October-December. It was up 3.2% in preliminary reports. Core, which excludes food and energy, rose 4.3%. The preliminary figures were up 3.9%.

See table for detailed statistics.

Original title:US Fourth-Quarter GDP Revised Lower on Weaker Consumer Spending(excerpt), US Second Est. for Fourth Quarter GDP Grew 2.7%; Est 2.9% (excerpt)

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