The US economy demonstrated surprising resilience in the fourth quarter of 2023, concluding an exceptionally robust year, according to a media report. Gross Domestic Product (GDP), a comprehensive measure of all goods and services produced, increased at a seasonally adjusted annualized rate of 3.3% from October through December. While this growth rate was slower than the 4.9% recorded from July through September, when American consumers made substantial purchases, it surpassed the 1.5% anticipated by economists, as per FactSet estimates.
The report suggests that although the US economy has experienced some cooling in recent months, it remains uncertain whether this slowdown is sufficient to prompt the Federal Reserve to consider interest rate cuts in the near future. The unexpectedly strong performance in the fourth quarter indicates that the US economy has maintained resilience despite various challenges.
(With Agency Inputs)