U.S. Economy Grows 3.3% In Last Quarter Of 2023

The nation’s economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households, Paul Wiseman reported for the Associated Press (AP).

Consumers, who account for about 70% of the total economy, drove the growth.

Thursday’s report from the Commerce Department said the gross domestic product (GDP) — the economy’s total output of goods and services — decelerated from its sizzling 4.9% growth rate the previous quarter.

But the latest figures still reflected the surprising durability of the world’s largest economy, which US voters are assessing ahead of the November elections.

The latest data marked the sixth straight quarter in which GDP has grown at an annual pace of 2% or more.

Consumers, who account for about 70% of the total economy, drove the growth. Their spending expanded at a 2.8% annual rate, for items ranging from clothing, furniture, recreational vehicles, and other goods to services like hotels and restaurant meals.

The GDP report also showed that despite the robust pace of growth in the October-December quarter, inflationary measures continued to ease, Christopher Rugaber and Seung Min Kim also reported for AP.

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