Revised data released by the Commerce Department on Thursday showed the U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2022.
The report said real gross domestic product jumped by 2.7 percent in the fourth quarter compared to the previously reported 2.9 percent surge. Economists had expected GDP growth to be unrevised.
The Commerce Department said the slower than previously estimated growth primarily reflected a downward revision to consumer spending that was partly offset by an upward revision to nonresidential fixed investment.
