US Q4 GDP growth revised a tad lower to 2.7%

The US economy expanded at a slightly slower pace at the end of 2022 than previously thought, but price pressures were greater.

According to the Department of Commerce, American gross domestic product increased at a quarterly annualised pace of 2.7% in the fourth quarter (Preliminary: 2.9%).

In particular, Commerce revised down its initial estimate for growth in household consumption from 2.1% to 1.4%.

However, the chain-weighted price index, the broadest measure of inflation in the economy, was now reported to have advanced at a clip of 3.9%, instead of by 3.5%.

Similarly, the rate of increase in the core price deflator for personal consumption expenditures was put at 3.7%, five tenths of a percentage point more than previously estimated.

As of 1404 GMT, the yield on the benchmark 10-year US Treasury note was gaining three basis points to 3.957%, having earlier risen to 3.978%.

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