The Wall Street Journal writes that the US economy grew by 3.1% last year, as the job market remains strong and consumers continue to spend a lot of money.
In the fourth quarter of 2023 the US economy grew by 3.3%, in the third quarter by even 4.9%.
American economic growth exceeded analysts’ expectations.
Economists predicted a year ago that the U.S. economy would grow just 0.2% through 2023. Some economists assumed the country could also be hit by a recession.
James Knightley, an economist at financial firm ING, said consumers continued to spend last year. “It was a really strong growth year,” Knightley said.
Analysts expect the US economy to continue growing this year. However, they see economic growth slowing slightly. Analysts also believe the Federal Reserve is expected to ease monetary policy in 2024, which should also support economic development, the Wall Street Journal reported.
2024-01-25 14:56:00
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