US Economy Grew Solid 3.2% in Q4; 2.5% for all of 2023 – RVBusiness – Breaking RV Industry News
WASHINGTON — The U.S. economy grew at a robust 3.2% annual pace from October through December, propelled by healthy consumer spending, the Commerce Department reported Wednesday in a slight downgrade from its initial estimate, according to an Associated Press report.
The expansion in the nation’s gross domestic product — the economy’s total output of goods and services — slipped from a red-hot 4.9% from July through September. The fourth-quarter GDP numbers were revised down from the 3.3% pace Commerce initially reported last month. U.S. growth has now topped 2% for six straight quarters, defying fears that high interest rates would tip the world’s largest economy into a recession.
Far from stumbling, the economy grew 2.5% for all of 2023, topping the 1.9% growth in 2022.
Consumer spending, which accounts for about 70% of U.S. economic activity, grew at a 3% annual pace from October through December. Growing exports and spending by state and local government also contributed to growth in the fourth quarter.
