US GDP Grew 3.3% Last Quarter, Capping Unexpectedly Strong Year
- Year’s expansion defied recession calls as inflation cooled
- Consumer spending increased 2.8% on goods and services
The US economy’s fourth-quarter growth trounced forecasts as cooling inflation fueled consumer spending, capping a surprisingly strong year that defied recession calls.
Gross domestic product increased at a 3.3% annualized rate, according to the government’s preliminary estimate out Thursday. For all of 2023, the economy expanded 2.5%.