US Economy Ends 2024 With 2.3% GDP Growth on Consumer Resilience
- Household spending grew at 4.2% pace, most since early 2023
- Equipment spending fell at 7.8% rate on Boeing strike impact
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The US economy expanded at a solid pace at the end of 2024, fueled by a generous tailwind from consumer spending that more than offset drags from a strike at Boeing Co. and much leaner inventory investment.
Inflation-adjusted gross domestic product increased an annualized 2.3% in the fourth quarter after rising 3.1% in the prior three-month period, according to the government’s initial estimate published Thursday. The median forecast in a Bloomberg survey of economists called for a 2.6% growth.