Economic growth came in pretty strong for the fourth quarter. GDP rose at an annual rate of 2.3%. And consumer spending rose 4.2%.

Economists expect that real GDP grew about 2.3% in the period, below the third quarter’s growth rate, due to a trade deficit in goods.

The US economy grew at a slower pace in the fourth quarter, with the US Bureau of Economic Analysis (BEA) reporting GDP (gross domestic product) to have risen by 2.3%. This was below original forecasts of 2.

The U.S. grew at a mild 2.3% annual pace in the final three months of 2024, but the details of the report showed an economy on strong footing as the Biden administration handed off to the Trump White House.

U.S. economic growth slowed in the fourth quarter as a strike at Boeing depressed business investment in equipment, but consumer spending increased at its fastest pace in nearly two years, underscoring strong domestic demand that probably keeps the Federal Reserve on a slow interest rate cut path this year.

U.S. economic growth likely slowed in the fourth quarter as imports surged and a strike at Boeing hurt spending on aircraft, though strong domestic demand will probably keep the Federal Reserve on a shallow interest rate cut path this year.