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  • 1440 Daily Digest

Growth Beats Expectations

The US economy grew at an annualized rate of 3.3% in the final quarter of 2023, according to preliminary data released yesterday, significantly outpacing analyst expectations of around 2%. Sustained consumer spending fueled the growth, including a holiday season that saw record retail spending of almost $965B (unadjusted for inflation). 

The fourth quarter figure brings full-year gross domestic product growth to 3.1%, capping a 12-month period that began amid fears of a recession and inflation near 6.5% (currently 3.4% as of December). The federal reserve has signaled at least three interest rate cuts are likely in 2024 if current economic conditions hold (see how that affects the economy), moves analysts say would likely sustain continued growth in the near term. 

The country's total yearly GDP is roughly $27.6T, with a debt-to-GDP ratio of 120%. See historical data here and here

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