That’s TERRIFIC!….
President Biden’s people are doing high fives one would think!
Good economies reward American President’s with good poll numbers and a second term if they want it….
But?
American consumer PRICES ARE still high…..
Hmmmmm?
The U.S. economy expanded at a 3.3% annualized pace in the final quarter of 2023, the Commerce Department said on Thursday.
Why it matters: It’s much stronger growth than economists expected and caps a year of economic resilience as the nation avoided a projected recession.
- The economy moderated in the September-December period compared to the previous quarter’s 4.9% growth, which got a notable boost from companies building up inventories.
The big picture: Economic growth has been underpinned by booming consumer spending that continued even as prices for many items remain steep and interest rates rose.
- That dynamic continued in the fourth quarter, which saw consumer spending boom: rising at a 2.8% annual rate, only slightly easing from the 3.1% in the previous quarter.
Details: The strong inventory build-up that pushed up growth in the third quarter slowed in the most recent data.
- Meanwhile, fixed investment — spending on factories, equipment and more — rose 1.9%, up slightly from the 1.4% in the third quarter.
- Housing activity, meanwhile, slowed from the prior quarter’s rapid pace: 1.1% in the fourth quarter, compared to 6.7% in the third quarter….