U.S. economic growth in the fourth quarter was revised slightly lower to a 3.2% annualized rate, but its was not all bad news as growth was wider spread than expected, which bodes well for the near-term outlook. The Commerce Department's slight downward revision to gross domestic product growth reflected a downgrade to inventory investment. There were upgrades to consumer spending, state and local government investment as well as residential and business outlays. So far, the economy has defied predictions of a recession after the Federal Reserve aggressively raised interest rates to tame inflation, thanks to a tight labor market that is keeping wages elevated and supporting consumer spending.

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