The nation’s economy grew at an unexpectedly brisk 3.3% annual pace from October–December, the Associated Press reports, as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households.
Today’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — decelerated from its sizzling 4.9% growth rate the previous quarter; however, the latest figures still reflected the surprising durability of the world’s largest economy, marking the sixth straight quarter in which GDP has grown at an annual pace of 2% or more. Consumers fueled much of last quarter’s expansion.
For all of 2023, the economy grew 2.5%, up from 1.9% in 2022.
