GDP grew at a 2.3% pace in the fourth quarter, less than expected

GDP grew at a 2.3% pace in the fourth quarter, less than expected



The U.S. economy grew at a slightly slower pace than expected in the last quarter of 2024, but still showed solid growth overall for the year. Consumer spending remained strong despite high prices, while government spending also contributed to growth. Trade was a drag on the economy, with imports and exports both declining. Despite concerns about inflation, the Federal Reserve is maintaining a patient stance on monetary policy. Initial unemployment claims also saw a sharp decline, indicating strength in the job market. Consumers are dipping into savings to fund purchases, with the personal saving rate at its lowest level in two years.





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