The US economy grew faster than previously estimated in the final quarter of 2017, a report from the Commerce Department showed on Wednesday.
Gross Domestic Product, the value of everything produced and every service rendered in the US, was revised to a 2.9% annualized rate in the third estimate, up from 2.5% in the second.
With more complete data, the report showed that consumer spending during the holiday-shopping season was stronger than initially reported. The largest contributor to economic growth rose at a 4% rate, revised up from 3.8% in the prior two estimates.
The data also showed that business inventories were less of a drag on the economy than had been estimated.
Focus is now on the current quarter, as several forecasters have downgraded their estimates through the months. For example, the Atlanta Fed's GDPNow tracker plunged from a 5.4% estimate in January to 1.8% as of Wednesday.
Economists are also watching for the impact of so-called residual seasonality — a glitch in how the BEA adjusts for unique trends in the first quarter such as holiday spending — that tends to undercut growth in early estimates.
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