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US Economy Grew Faster says Commerce Department

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November 29 2023 04:02AM

Revised data released by the Commerce Department on Wednesday showed the U.S. economy grew faster than previously estimated in the third quarter of 2023.

The Commerce Department said the jump by real gross domestic product in the third quarter was upwardly revised to 5.2 percent from the previously reported 4.9 percent. Economists had expected the pace of growth to be upwardly revised to 5.0 percent.

The faster than previously estimated growth reflected upward revisions to non-residential fixed investment and state and local government spending that were partly offset by a downward revision to consumer spending.

At 10:30 am ET, the Energy Information Administration is scheduled to release its report on oil inventories in the week ended November 24th.

Cleveland Federal Reserve Bank President Loretta Mester is due to give the keynote speech before the Policy Conference 2023 hosted by the Loyola University Chicago Quinlan School of Business at 1:45 pm ET.

At 2 pm ET, the Federal Reserve is scheduled to release its Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts.