The Bureau of Economic Analysis (BEA) published its final estimate of the third-quarter gross domestic product (GDP).
In the July-to-October period, the U.S. economy grew 4.9 percent, down from the second estimate of 5.2 percent, and matching the advance estimate.
What makes the BEA data interesting is that personal consumption was revised lower, contributing 2.11 percent to the bottom-line GDP print.
At the same time, government spending (federal, state, and local) added more than 1.5 percent to the GDP, meaning that government spending accounted for 31 percent of the U.S. economic expansion in the span.
Here is a breakdown of the GDP:
Meanwhile, while inflation metrics were revised lower, they were higher than in the second quarter.
Bidenomics 101, baby.
