Posted 3/28/2024, 1:17:40 PM
U.S. Economy Grows 3.4% in Q4, Defying Recession Fears as Inflation Cools
- U.S. economy grew at 3.4% annual rate in the fourth quarter, a slight upward revision from previous 3.2% estimate
- Growth driven by increased consumer spending, exports, and business investment
- Marks the 6th straight quarter economy has grown over 2%
- Inflation pressures continuing to ease - prices rose just 1.8% in Q4, the smallest increase since 2020
- Economy's resilience defying predictions that Fed interest rate hikes would trigger recession
