The U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2022, according to revised data released by the Commerce Department on Thursday.
The report said real gross domestic product shot up by 2.6 percent in the fourth quarter compared to the previously reported 2.7 percent jump. Economists had expected the pace of growth to be unrevised.
The Commerce Department said the slower than previously estimated growth reflected downward revisions to exports and consumer spending.
Meanwhile, upward revisions to non-residential fixed investment, residential fixed investment, and state and local government spending helped limit the downside.
