Posted 2/28/2024, 1:37:44 PM
US Economy Grew 3.2% in Q4 Thanks to Strong Consumer Spending, But Growth Expected to Slow Going Forward
- US Q4 GDP growth revised down slightly to 3.2% from initial 3.3% estimate
- Consumer spending rose 3% in Q4, fueling growth
- Inflation pressures continuing to ease - PCE price index up 1.8% in Q4 vs 2.6% in Q3
- IMF forecasts 2.1% US growth in 2024, more than 2X projections for other major economies
- Economy expected to get boost later in 2024 from projected Fed interest rate cuts