News brief
U.S. economy finished 2024 strong. The United States economy ended 2024 on a solid note, with consumer spending continuing to drive growth. The Commerce Department reported Jan. 30 that gross domestic product expanded at a 2.3% annual rate from October through December and a healthy 2.8% for the full year. Consumer spending grew at a 4.2% pace, fastest since January-March 2023 and up from 3.7% in July-September last year. The economy has proven remarkably resilient after the Fed raised interest rates 11 times in 2022 and 2023 to combat the biggest surge in consumer prices since the 1980s. Growth has now topped 2% in nine of the last 10 quarters.