Washington – The US economy ended 2024 with a solid note with the consumer spending that continues to drive growth.
The Commerce Department reported Thursday that the Gross Domestic Product, the production of goods and services of the economy, expanded at an annual rate of 2.3% from October to December.
Throughout the year, the economy grew a healthy 2.8%, compared to 2.9% in 2023.
President Donald Trump has inherited a healthy economy. Growth has been stable and low unemployment: 4.1% in December.
Wednesday, the Federal Reserve left its reference interest rate without changes After making three cuts since September. With the economy advancing, the president of the Fed, Jerome Powell, told reporters: “We do not need to be in a hurry” to make more cuts. The Fed is also cautious because progress against inflation has stagnated in recent months after falling four decades. The maximums hit in mid -2022.
The perspective is more cloud. Trump has promised to reduce taxes and relieve business regulations, which could accelerate GDP growth. But his plan to impose great imports on imports and deport millions of immigrants who work illegally in the United States could mean a slower growth and higher prices.
By
