US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate
Source: AP
Updated 9:08 AM EDT, March 28, 2024
WASHINGTON (AP) 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. The government had previously estimated that the economy expanded at a 3.2% rate last quarter.
The Commerce Departments revised measure of the nations 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 quarters 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 worlds biggest grew 2.5%, up from 1.9% in 2022. In the current January-March quarter, the economy is believed to be growing at a slower but still decent 2.1% annual rate, according to a forecasting model issued by the Federal Reserve Bank of Atlanta.
Read more: https://apnews.com/article/economy-growth-inflation-gdp-consumers-spending-rates-f7a7def8b17cff965a02c6d531582c49
IronLionZion
(45,442 posts)Johnny2X2X
(19,066 posts)People can complain about inflation all they want, but if Trump or any other Republican president had these types of economic numbers they would literally be holding tickertape parades for them everywhere they went.
And the driver of the Biden economy is not rich investors, it's working people. Wage growth has been high, real wages are up since 2019, before the pandemic. When regular people have money to spend, the economy flourishes. Its exactly why the economy consistently does better under Democratic adiinstrations than Republican ones. Democratic policies put money in regular people's pockets, Republican policies put money in the top 1%'s pockets.
Think. Again.
(8,141 posts)maxsolomon
(33,345 posts)US under Biden is outperforming the rest of the planet.
Yet all 'Mericans can see are egg prices.