The American economy ended 2024 on a solid note with consumer spending continuing to drive growth, according to the Associated Press.
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.
Consumer spending grew at a 4.2% pace, fastest since January–March 2023 and up from 3.7% in July–September last year, but business investment tumbled as investment in equipment plunged after two straight strong quarters.
