The U.S. economy grew at a surprisingly strong rate in the fourth quarter of 2023, easily dodging a recession that had been predicted by many analysts.
According to data released Thursday by the Commerce Department, the Gross Domestic Product (GDP) increased at a 3.3% rate -- well ahead of the 2% projected by Wall Street Journal and Bloomberg.
The GDP for all of 2023 came in at an annualized rate of 2.5% thanks in part to strong consumer spending. Personal consumption expenditures were up 2.8% in the fourth quarter.
