A closely-watched estimate of US gross domestic product (GDP) was revised down for the final three months of last year, according to Commerce Department data released on Wednesday, albeit it is still consistent with positive economic growth. GDP growth in the world’s largest economy was lowered to an annual rate of 3.2 per cent in the last quarter of 2023, down from last month’s estimate of 3.3 per cent.
The US economy has proven wrong the majority of economists who had warned of a recession as the US central bank aggressively raised interest rates to bring soaring inflation under control. The economy has been supported by a tight labour market that is keeping wages elevated and thus underpinning consumer spending.
Meanwhile, economic sentiment in the eurozone unexpectedly reached a three-month low in February, signalling that the currency bloc is still on the brink of a…
