US Economy Shocks: Posts Robust Quarter
WASHINGTON, DC (IANS) – The US economy remained shockingly robust in the fourth quarter to close out a remarkably strong 2023, a media report said.
President Joe Biden mocked the headlines that expressed ‘surprise’ and ‘shock’ in a campaign speech pointing out that his administration was striving to address unemployment and inflation figures.
The administration has had to grapple with two wars that have affected supply routes to consumers in the US resulting in rising prices.
Gross domestic product, a measure of all the services and goods produced, rose at a seasonally adjusted, annualized 3.3 percent rate from October through December, which was slower than the 4.9 percent rate from July through September, when American consumers splashed out on services and goods, CNN reported.
The fourth quarter’s rate trounced the 1.5 percent that economists were expecting, according to FactSet estimates, the report said.
GDP report shows that the US economy has cooled down some in recent months, but it’s not clear if that was enough of a slowdown to keep the Federal Reserve on track to cut interest rates any time soon, CNN reported.