The US economy experienced growth at an annualized rate of 3.4 per cent in the fourth quarter of 2023, surpassing the 3.2 per cent estimates made a month earlier. This increase was primarily due to higher estimates of consumer spending and investment, according to the latest report from the US Commerce Department.
Throughout the year 2023, the US economy grew at a rate of 2.5 per cent, reflecting an improvement from the 1.9 per cent growth seen in 2022. Despite initial concerns of a recession, the US economy has defied expectations, prompting optimism that it is heading towards a “soft landing” where inflation decreases without causing a harmful recession.
The outlook for the economy appears promising as it continues to show signs of stability and growth. According to a forecasting model released by the Federal Reserve Bank of Atlanta, the current January-March quarter is projected to be growing at a slower but still respectable rate of 2.1 per cent.
Experience a range of benefits with just a click! From informative newsletters to real-time stock tracking, breaking news, and a customized newsfeed, all of this is available at your fingertips. Unlock the door to a wealth of information and stay updated on the latest economic developments. Login now to access these valuable resources.
