GDP: The US economy grows at an annual rate of 3.3% in the fourth quarter
The US economy grew faster than expected in the fourth quarter A year that many expected would end in recession With a final economic surprise.
Bureau of Economic Analysis Advance estimate of US GDP for the fourth quarter It showed that the economy grew at an annual rate of 3.3% During the period, faster From agreed expectations. Economists surveyed by Bloomberg estimated that the US economy grew at an annual rate of 2% during this period.
The reading was lower than third-quarter GDP, which was revised down to 4.9%.
GDPR release highlights Flexibility of the American consumer Despite persistent fears of a slowdown. It’s the latest in a series of economic data releases that show the US economy ended 2023 on solid ground as investors watch closely to see if the Fed is able to deliver its vaunted “soft landing” as inflation returns to its 2% target without a dip. economic.
Economic output Recording its highest levels in seven months In January, according to the latest S&P Flash PMI. The latest reading of consumer spending came in higher than expected along with retail sales numbers for December. And the labor market He did not show signs of severe sedationWith the latest reading of weekly unemployment claims reaching their lowest levels Since September 2022.
Josh Schaeffer is a reporter for Yahoo Finance.