U.S. economy slows in Q4, but spending is strong
U.S. economic growth slowed in the fourth quarter, but strong domestic demand may keep the Federal Reserve on a slow pace of interest rate cuts this year. GDP grew at a 2.3% annualized pace in the fourth quarter, below market expectations, the Commerce Department's Bureau of Economic Analysis said Thursday in its preliminary GDP estimate. Despite the slowdown, U.S. economic growth last year defied forecasts that the Federal Reserve would push the economy into recession by raising interest rates by 5.25 percentage points in 2022 and 2023 to quell inflation. Meanwhile, consumer spending, which accounts for more than two-thirds of the economy, grew at a 4.2 percent pace in the fourth quarter, suggesting domestic demand remains strong.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Trending news
MoreAccording to the latest documents disclosed by the U.S. Securities and Exchange Commission (SEC), if the transaction between AES Corp and the Global Infrastructure Partners (GIP) consortium is terminated under certain circumstances, the GIP consortium will be required to pay AES Corp a termination fee.
Eton Pharmaceuticals, Inc. announced that, in addition to the acquisition of core assets, the company also plans to purchase approximately $1.5 million worth of inventory products at the time of transaction closing.
Crypto prices
More
