The Bureau of Economic Analysis (BEA) released their initial reading of Q4 2023 gross domestic product (GDP) and reported that the economy expanded by 3.3% from the previous quarter and registered an advance of 3.1% for 2023. This was the sixth consecutive quarter of positive GDP growth and the third consecutive year of positive growth.
Q4 GDP saw strength in consumer spending, exports, state and local government spending, non-residential fixed investment, federal government spending and residential fixed investment. Personal consumption, which makes up more than 2/3 of GDP, saw an increase of 2.8% from the prior quarter and a y/y increase of 2.6%. Consumer spending accounted for 1.91%, or more than half of the 3.3% increase for the quarter. Consumer spending saw increases in both goods and services. Within the goods category, the big contributors were nondurable goods and sales of recreational goods and vehicles. Exports
increased 6.3% from the prior quarter with goods advancing 4.7% and services increasing 9.5%
This reading is subject to revisions as more data becomes available. The next release of Q4 GDP numbers will be February 28, 2024.
- The information in the GDP update has been prepared solely for informative purposes and is not a solicitation,or an offer, to buy, sell or hold any security or a recommendation of the services supplied by any money management organization. It does not purport to be a complete description of the securities, markets or developments referred to in the report.We believe the sources to be reliable, however, the accuracy and completeness of the information is not guaranteed.We,or our officers and directors, may from time to time have a long or short position in the securities mentioned and may sell or buy such securities. Data displayed on this site or printed in such reports may be provided by third party providers. The indexes referenced in the charts presented are unmanaged and do not reflect any transaction costs or management fees. They were chosen to give you a basis of comparison for market segment performance.Actual investment alternatives may invest in some instruments not eligible for inclusion in such an index or model and may be prohibited from investing in some instruments included in such an index or model. This document is intended only for the addressee and may not be reproduced or redistributed. If the reader is not the intended recipient, you are notified that any disclosure, distribution or copying is prohibited. Additional information is available upon request. Please contact your Financial Consultant with any questions.