See how much the US economy grew last quarter
The U.S. economy grew at a solid 3.4% annual pace from October through December, the government said Thursday in an upgrade from its previous estimate. A previous estimate reported expansion of 3.2% last quarter. The Commerce Department’s revised measure of the nation’s gross domestic product—the total output of goods and services—confirmed that the economy decelerated […] The US economy grew by a 3.4% annual pace from October through December, according to the Commerce Department, an upgrade from its previous estimate of 3.2%. This growth was driven by increased consumer spending, exports, and business investment in buildings and software. This marks the sixth consecutive quarter that the economy has grown at an annual rate above 2%. For all of 2023, the U.S. economy will grow by 2.5%, up from 1.9% in 2022. However, in the current January-March quarter, growth is slower but still expected to reach a 2.1% annual rate.
Published : a month ago by Daily Report Staff in Finance
The U.S. economy grew at a solid 3.4% annual pace from October through December, the government said Thursday in an upgrade from its previous estimate. A previous estimate reported expansion of 3.2% last quarter.
The Commerce Department’s revised measure of the nation’s gross domestic product—the total output of goods and services—confirmed that the economy decelerated from its sizzling 4.9% rate of expansion in the July-September quarter.
But last quarter’s growth was still a solid performance, coming in the face of higher interest rates and powered by growing consumer spending, exports and business investment in buildings and software. It marked the sixth straight quarter in which the economy has grown at an annual rate above 2%.
For all of 2023, the U.S. economy—the world’s biggest—grew 2.5%, up from 1.9% in 2022. In the current January-March quarter, growth is slower but still a decent 2.1% annual rate, according to a forecasting model issued by the Federal Reserve Bank of Atlanta.
Topics: Markets