US Fourth-Quarter 2021 GDP Growth Downgraded to 6.9%

Source: Bureau of Economic Analysis

The United States’ economic growth in the fourth quarter of 2021 was slightly downgraded, reflecting changes in personal spending. QQQ is down 0.41%.

• Fourth-quarter 2021 gross domestic product growth was revised downward to 6.9%, from the 7.0% announced by the government earlier.
• The changes were made as personal consumption expenditures and exports were revised downward, partly offset by changes to private inventory investment.
• Private inventory investment was driven mainly by retail and wholesale trade industries, led mainly by motor vehicles.
• Current-dollar GDP jumped by 14.5% or $800.5 billion to $24.00 trillion, faster than the 8.4% or $461.3 billion growth in the third quarter.
• The latest reading is slightly lower than the 14.6% announced in the second estimate but higher than the 14.3% in the advance estimate.
• The price index for gross domestic purchases increased by 7.0%, unchanged from the previous estimate. This compares with 5.6% in the third quarter.