That was down from 4.9% in the prior quarter, but much faster than the 2% many analysts had expected.
For 2023, the economy grew at an annual rate of 2.5%, up from 1.9% in 2022.
For 2023, the economy grew at an annual rate of 2.5%, up from 1.9% in 2022.
“Whichever way you slice it, this report caps a year of stellar economic growth performance,” said Olu Sonola, head of US regional economics at Fitch Ratings. “The momentum of economic growth going into 2024 is looking very good.”
The figures are a boon for US President Joe Biden, who has struggled to convince the public that the economy remains healthy, as it downshifts from the boom after the pandemic shock.
He is due to give a speech on the economy in Wisconsin on Thursday, where he is expected to argue that White House policies, including investments in green energy, roads and other infrastructure, have contributed to the resilience.
Mr Biden has said he believes the message is starting to get through.
In recent months, surveys have shown consumer sentiment improving. The stock market is up, petrol prices are down and unemployment remains low.
For 2023, the economy grew at an annual rate of 2.5%, up from 1.9% in 2022.
That was down from 4.9% in the prior quarter, but much faster than the 2% many analysts had expected.
“Whichever way you slice it, this report caps a year of stellar economic growth performance,” said Olu Sonola, head of US regional economics at Fitch Ratings. “The momentum of economic growth going into 2024 is looking very good.”
For 2023, the economy grew at an annual rate of 2.5%, up from 1.9% in 2022.
For 2023, the economy grew at an annual rate of 2.5%, up from 1.9% in 2022.
“Whichever way you slice it, this report caps a year of stellar economic growth performance,” said Olu Sonola, head of US regional economics at Fitch Ratings. “The momentum of economic growth going into 2024 is looking very good.”
The figures are a boon for US President Joe Biden, who has struggled to convince the public that the economy remains healthy, as it downshifts from the boom after the pandemic shock.
He is due to give a speech on the economy in Wisconsin on Thursday, where he is expected to argue that White House policies, including investments in green energy, roads and other infrastructure, have contributed to the resilience.
Mr Biden has said he believes the message is starting to get through.
In recent months, surveys have shown consumer sentiment improving. The stock market is up, petrol prices are down and unemployment remains low.
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