The US economy grew at a 3.3 per cent annualised rate during the final quarter of last year, capping off a strong 2023 that defied recession fears and prompted President Joe Biden to attempt to claim credit.
The figures pointed to the US economy’s remarkable resilience in the face of the Federal Reserve’s sustained campaign to snuff out inflation with higher interest rates — and encouraged investors who believe the central bank will cut rates in the coming months.
For the year as a whole, the US economy expanded by 3.1 per cent, confirming it was the world’s fastest-growing advanced economy in 2023.
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