WASHINGTON (AP) — A humming American economy ended 2024 on a solid note with consumer spending continuing to drive growth, and ahead of what could be a significant change in direction under a Trump administration.
The Commerce Department reported Thursday that gross domestic product — the economy’s output of goods and services — expanded at a 2.3% annual rate from October through December.
For the full year, the economy grew a healthy 2.8%, compared with 2.9% in 2023.
The fourth-quarter growth was a tick below the 2.4% economists had expected, according to a survey of forecasters by the data firm FactSet.
Consumer spending grew at a 4.2% pace, fastest since
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