The American economy concluded 2024 with a 2.3% annual growth rate, driven by robust consumer spending. While business investment declined, inflationary pressures persisted. Growth for the full year reached a healthy 2.8%.
The American economy ended 2024 on a solid note with consumer spending continuing to drive growth.The Commerce Department reported Thursday that gross domestic product — the economy's output of goods and services — expanded at a 2.3% annual rate from October through December. For the full year, the economy grew a healthy 2.8%, compared with 2.9% in 2023.The fourth-quarter growth was a tick below the 2.4% economists had expected, according to a survey of forecasters by the data firm FactSet.
President Donald Trump has inherited a healthy economy. Growth has been steady and unemployment low — 4.1% in December. On Wednesday, the Fed left its benchmark interest rate unchanged after making three cuts since September. With the economy rolling along, Fed Chair Jerome Powell told reporters, 'we do not need to be in a hurry'' to make more cuts.
Economics ECONOMY CONSUMER SPENDING GDP GROWTH INFLATION BUSINESS INVESTMENT
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