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.

Click here to read the full Associated Press report.