New Analysis: US Economy Boomed By 3.1% In 2023

The Washington Post reports:

The U.S. economy grew by a bustling 3.1 percent in 2023, shaking off recession fears and offering an upbeat picture of consumers and businesses ahead of a pivotal election year. Growth slowed slightly in the last three months of 2023 — to an annual rate of 3.3 percent, down from a sweltering 4.9 percent in the previous quarter, the Bureau of Economic Analysis said Thursday.

The latest figures show the economy has soundly returned to stable footing following a period of dramatic pandemic-fueled swings that marked 2020 through early 2022. The economy’s resilience has been driven by vigorous consumer spending. A strong job market and rising wages have made it possible for many households to keep shelling out — particularly on services such as entertainment, travel and dining out.

Read the full article.

Breaking: The U.S. economy grew 3.1% over the last year as strong consumer spending and hiring upended recession fears https://t.co/WfyWXCRq5E https://t.co/WfyWXCRq5E

— The Wall Street Journal (@WSJ) January 25, 2024

The U.S. economy grew at a 3.3 percent annual rate in the fourth quarter. For the full year (measured from Q4 to Q4), inflation-adjusted G.D.P. rose 3.1 percent — definitely not what forecasters expected when the year began.https://t.co/sazVoOgibV

— Ben Casselman (@bencasselman) January 25, 2024