The U.S. economy experienced a faster growth rate than expected in the final months of 2023, with a 3.3 percent annual GDP increase in the fourth quarter, surpassing forecasts.
This growth could impact expectations for early Fed cuts, as officials had anticipated the need for the economy to grow below trend to lower inflation sustainably.
The strong growth suggests that scenarios of a “soft landing” or “no landing” are more likely than a “hard landing.”
Consumer spending, exports, government budgets, business investment, and housing investment contributed to the growth.
Government spending rose, particularly in non-defense and state and local sectors.
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