Business Indicators

The second estimate of U.S. real gross domestic product (GDP) for 2023Q3 expanded at an annual rate of 5.2 percent, revised up by 0.3 percentage points compared to the advance estimate. The remarkable increase in real GDP mainly reflected strong consumer spending, as well as increased activity in business investment especially in inventory investment driven by expanding manufacturing and retail trade, despite high-interest rates. Seasonally adjusted U.S. nonfarm employment increased by a stronger-than-expected 199,000 jobs in November, partly reflecting the return of manufacturing workers from a strike. The November unemployment…