The nation’s economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend.
A report from the Commerce Department said the gross domestic product (GDP) decelerated from its sizzling 4.9% growth rate the previous quarter.
But the latest figures still reflected the surprising durability of the economy, marking the sixth straight quarter in which GDP has grown at an annual pace of 2% or more. Consumers, who account for about 70% of the total economy, drove the fourth-quarter growth.
The GDP report also showed that despite the robust pace of growth in the fourth quarter, inflationary measures continued to ease. Read more.