Biden economy grows at a very solid 3.1% in fourth quarter

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Cypress

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US economic growth beats expectations in final snapshot of Biden presidency​


The U.S. economy has powered through 2024 with better-than-expected growth. GDP rose at a 3.1 percent annualized pace in the third quarter of the year, according to Commerce Department data released Thursday, after growing at a 3 percent rate in the second quarter — a rapid clip for an economy of the U.S.’s size. That growth, fed by steady consumer spending, comes alongside a still-low unemployment rate of 4.2 percent and much-improved inflation, which has fallen below 3 percent.


 

GDP might be having its best streak since 2014​

The shocking strength of the economy helps explain the Federal Reserve’s Scrooge-like plans for interest-rate cuts next year. And the latest update on GDP over the summer offers another reminder.

The U.S. economy expanded at a frothy 3.1% annual pace in the third quarter, and it looks like a repeat is coming in the final three months of the year.

Gross domestic product, the official scorecard of the economy, was revised up from 2.8%, based on new information collected by the government.

The U.S. economy has now expanded by at least 3% in each of the past two quarters.

What’s more, the most recent estimates suggest GDP will top 3% in the fourth quarter, as well.

 
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