U.S. Q4 GDP slightly revised down to 3.2 pct

A customer selects goods at a supermarket in Foster City, California, the United States, Feb. 28, 2024. The U.S. real gross domestic product (GDP) growth in the fourth quarter of 2023 was slightly revised down to an annual rate of 3.2 percent in the second estimate, the Commerce Department reported on Wednesday. (Photo by Li Jianguo/Xinhua)

WASHINGTON, Feb. 28 (Xinhua) -- The U.S. real gross domestic product (GDP) growth in the fourth quarter of 2023 was slightly revised down to an annual rate of 3.2 percent in the second estimate, the Commerce Department reported on Wednesday.

In the advance estimate released in late January, the increase in real GDP in the fourth quarter was 3.3 percent.

The update primarily reflected a downward revision to private inventory investment that was partly offset by upward revisions to state and local government spending and consumer spending, the report showed.

The increase in real GDP in the fourth quarter reflected rises in consumer spending, exports, state and local government spending, non-residential fixed investment, federal government spending, and residential fixed investment that were partly offset by a decrease in private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.

In the third quarter, real GDP increased 4.9 percent. Real GDP increased 2.5 percent in 2023.

JPMorgan Chase CEO Jamie Dimon recently said that market expectations are too high that the U.S. economy will see a soft landing.

Dimon told CNBC that there's a better-than-even chance that the U.S. is heading for a recession, noting that markets probably aren't pricing in a strong enough probability that interest rates could stay higher for longer.

A customer selects goods at a supermarket in Foster City, California, the United States, Feb. 28, 2024. The U.S. real gross domestic product (GDP) growth in the fourth quarter of 2023 was slightly revised down to an annual rate of 3.2 percent in the second estimate, the Commerce Department reported on Wednesday. (Photo by Li Jianguo/Xinhua)

Customers select goods at a supermarket in Foster City, California, the United States, Feb. 28, 2024. The U.S. real gross domestic product (GDP) growth in the fourth quarter of 2023 was slightly revised down to an annual rate of 3.2 percent in the second estimate, the Commerce Department reported on Wednesday. (Photo by Li Jianguo/Xinhua)