US growth figure revised downward

Shoppers walk into a Walmart store in Atlanta. US household expenditure rose by a revised 1.4% in the final quarter of 2022, down from a previously estimated 2.1%. (Photo: Bloomberg)

WASHINGTON: US economic growth in the fourth quarter of 2022 was weaker than previously estimated, reflecting a downward revision of consumer spending as the Federal Reserve’s preferred inflation figures were revised higher.

Inflation-adjusted gross domestic product (GDP), or the total value of all goods and services produced in the US, increased at a 2.7% annualised rate during the period, Commerce Department data showed on Thursday. The figure compares with a previously reported 2.9% advance.