The U.S. economy expanded at a robust pace in 2024, helped by consumer and government spending, official data showed on Jan. 30. It is also a signal of its resilience since President Donald Trump took office this month, AFP reports.
The world's largest economy grew at an annual rate of 2.3% in the fourth quarter, the Commerce Department said, in line with Briefing.com's consensus forecast.
For 2024, GDP increased 2.8 percent from the annual level a year earlier.
Consumer spending, investment and government spending were among the drivers of last year's growth, according to Commerce Department data.
The U.S. economy as a whole has weathered high interest rates, helped by a robust labor market - with low unemployment and still-rising wages - that has allowed consumers to keep spending.
Consumers are "the bedrock of the economy and they are the biggest driver of sustainable growth in 2024," said Matthew Martin, senior U.S. economist at Oxford Economics.
He expects that to be sustainable for now.
"With low levels of layoffs, decent job coverage and rising wages, we think real disposable income will continue to rise, and that will lead to continued spending," he said. | BGNES
