Core Report | December 1, 2023

U.S. Gross Domestic Product continued to grow in Q3 as the second estimate showed annual grow of 5.2%. This is up from the initial estimate of 4.9% growth and final Q2 reading of 2.1% growth. The updated reflected upward revisions to non-residential investment, and state and local government spending. These upward revisions were partly offset by downward revisions to consumer spending. Imports, which are a subtraction to GDP, declined. Compared to Q2, strong consumer spending, inventory investment, and exports helped overcome the slowing in non-residential investment and increased imports.