The U.S. economy turned out stronger than expected in the last quarter of the year. It posted an annualized, inflation-adjusted growth rate of 3.3%, while economists had expected a 2% expansion. Economic activity was driven by strong consumer and government spending, as well as declining inflation. The U.S. Federal Reserve's preferred measure of inflation, core inflation, which excludes energy and food (PCE), rose 2.9% on an annual basis in December, the lowest rate in three years. 2023 was a banner year as inflation moderated to a considerably higher rate than previously expected. During 2023, the economy grew by 2.5%, remaining resilient despite forecasts of a recession, and this latest data further increases the likelihood of a "soft landing".
Ballestas Group
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