US economy remained shockingly robust in fourth quarter

Washington: The US economy remained shockingly robust in the fourth quarter to close out a remarkably strong 2023, a media report said.

Gross domestic product, a measure of all the services and goods produced, rose at a seasonally adjusted, annualised 3.3 per cent rate from October through December, which was slower than the 4.9 per cent 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 per cent that economists were expecting, according to FactSet estimates, the report said.

Thursday’s GDP report shows that the US economy has cooled 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.