Strong Growth Continues Despite High Inflation and Rates
• Economic growth was strong in the fourth quarter, with GDP expanding at a 3.3% annual pace. This marks the sixth straight quarter of 2%+ growth.
• Consumers continue fueling economic expansion, showing a willingness to spend despite high prices and interest rates.
• Inflation has cooled from 40-year highs hit in 2022 but prices still remain nearly 17% above pre-pandemic levels.
• Unemployment has stayed under 4% for 23 straight months, the longest such streak since the 1960s.
• Experts say pandemic savings and strong consumer spending could continue driving economic growth in the near term.