The U.S. economy grew at a 3.3% pace in the fourth quarter, much better than expected

The economy grew much extra speedy pace than expected in the closing three months of 2023, as the U.S. simply skirted a recession that many forecasters had thought was inevitable, the Commerce Department reported Thursday.

Gross home product, a measure of all the items and providers produced, elevated at a 3.3% annualized charge in the fourth quarter of 2023, in line with information adjusted seasonally and for inflation.

That in comparison with the Wall Street consensus estimate for a acquire of two% in the closing three months of the 12 months. The third quarter grew at a 4.9% pace.

The U.S. economy for all of 2023 accelerated at a 2.5% annualized pace, nicely forward of the Wall Street outlook at the starting of the 12 months for few if any beneficial properties.

As had been the case by way of the 12 months, a sturdy pace of client spending helped drive the growth. Personal consumption expenditures elevated 2.8% for the quarter, down simply barely from the earlier interval.

State and native authorities spending additionally contributed, up 3.7%, as did a 2.5% improve in federal authorities expenditures. Gross non-public home funding rose 2.1%, one other important issue for the strong quarter.

On the inflation entrance, the value index for private consumption expenditures rose 2.7%, down from 5.9% a 12 months in the past, whereas the core determine excluding meals and vitality posted a 3.2% improve, in comparison with 5.1%. However, the inflation charges each have been

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