US fourth-quarter economic growth revised slightly lower

foxbusiness.com:

'Kudlow' panelists Steve Forbes and Sandra Smith discuss preserving the U.S. dollar.

The U.S. economy grew at a solid clip in the fourth quarter amid strong consumer spending, the government confirmed on Wednesday, but it appears to have lost some speed early in the new year.

Gross domestic product increased at a 3.2% annualized rate last quarter, revised slightly down from the previously reported 3.3% pace, the Commerce Department's Bureau of Economic Analysis said in its second estimate of fourth-quarter GDP growth.

Economists polled by Reuters had expected that GDP growth would be unrevised. The modest downward revision reflected a downgrade to private inventory investment.

ECONOMISTS PREDICT MUCH STRONGER GROWTH IN 2024. HERE'S WHY

Julio Ventura welds a screed bottom for a commercial class road paver at the Calder Brothers factory in Taylors, South Carolina, on July 18, 2021. (Brandon Granger/Calder Brothers Corporation/Handout via REUTERS / Reuters Photos)

Inflation was fairly mild last quarter, though revised slightly up from previously reported estimates.

The economy grew at a 4.9% pace in the July-September quarter. It expanded 2.5% in 2023, an acceleration from 1.9% in 2022, and is growing above what Federal Reserve officials regard as the non-inflationary growth rate of 1.8%.

JPMORGAN WARNS INVESTORS SHOULD BRACE FOR 1970S-STYLE 'STAGFLATION'

There are, however, signs that momentum has ebbed. Retail sales, housing starts, durable goods orders and production at factories declined in January. Some of the weakness in data last month has been blamed on freezing temperatures as well as difficulties adjusting the data for seasonal fluctuations at the start of the year. Economists are not forecasting a recession.

G