Associated Press
Economy Grows Solid 2.3% From October to December
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WASHINGTON — The American economy ended 2024 on a solid note with consumer spending continuing to drive growth.
The Commerce Department reported Jan. 30 that gross domestic product — the economy’s output of goods and services — expanded at a 2.3% annual rate from October through December.
For the full year, the economy grew a healthy 2.8%, compared with 2.9% in 2023.
President Donald Trump has inherited a healthy economy. Growth has been steady and unemployment low — 4.1% in December.
Just in: The US economy grew 2.8% in 2024, another year of strong growth.
President Trump inherited a very good economy.
Q4 growth was 2.3%, driven mainly by strong consumer spending.
GDP growth under Biden (adj. for inflation)
6.1% in 2021
2.5% in 2022
2.9% in 2023
2.8% in… pic.twitter.com/6INdsAkUvw — Heather Long (@byHeatherLong) January 30, 2025
On Jan. 29, the Federal Reserve left its benchmark interest rate unchanged after making three cuts since September. With the economy rolling along, Fed Chair Jerome Powell told reporters, “we do not need to be in a hurry’’ to make more cuts. The Fed is also cautious because progress against inflation has stalled in recent months after falling from four-decade highs hit in mid-2022.
The outlook is cloudier. Trump has promised to cut taxes and ease regulations on business, which could speed GDP growth. But his plan to impose big taxes on imports and to deport millions of immigrants working in the United States illegally could mean slower growth and higher prices.
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