The economy grew a faster than expected 3.3% late last year – By Paul Davidson (USA Today) / Jan 25, 2024
The U.S. economy slowed during the final three months of 2023 but still turned in a surprisingly strong showing as a rise in consumer spending offset a more modest gain in business investment.
A pullback is likely in 2024 as high interest rates and inflation take a bigger toll on growth and a burst of post-pandemic consumption runs dry.
The nation’s gross domestic product, the value of all goods and services produced in the U.S., expanded at a seasonally adjusted annual rate of 3.3% in the October-December period, the Commerce Department said Wednesday. That’s down from sizzling growth of 4.9% in the third quarter but well above the 2% advance predicted by economists in a Bloomberg survey.
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