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US Fourth-Quarter GDP Growth Upgraded Slightly to 7.0%

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The United States’ fourth-quarter economic growth was slightly upgraded, to reflect adjustments in fixed investment and government spending activity during the period.

Source: Bureau of Economic Analysis

The fourth-quarter real gross domestic product growth was revised to 7.0%, 0.1 percentage points higher than the earlier announced 6.9%. This follows the 2.3% growth in the third quarter.

The revision takes into account higher figures for nonresidential and residential fixed investment, along with state and local government spending. These were partly offset by the downward changes to personal spending and exports.

The third-quarter wages and salaries were updated higher by $27.7 billion to $306.8 billion, while the real gross domestic income was revised higher by 0.6 percentage points to 6.4%.

Full-year real GDP growth was unchanged at 5.7%.

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