Gross domestic product increased at a 3.4% annualized rate last quarter, revised up from the previously reported 3.2% pace, the Commerce Department's Bureau of Economic Analysis said in its third estimate of fourth-quarter GDP. Growth was boosted by strong consumer spending and business investment in nonresidential structures like factories and healthcare facilities. The report also showed profits rising at a solid clip last quarter, driven by nonfinancial corporations. The economy is growing faster than the 1.8% pace Fed officials regard as the non-inflationary rate of growth. It grew at a 4.9% pace in the July-September quarter, and expanded 2.5% in 2023, an acceleration from 1.9% in 2022. Growth estimates for the first quarter are around a 2.0% pace.
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Robert G. Gilliland, CRPC®Managing Director and Senior Wealth Advisor
Robert’s career has been a blend of high personal performance and team building. He earned a Bachelor’s degree in Finance from Stephen F. Austin State University. To pay for his schooling, he ran a franchise of restaurants, gaining experience in managing time, people and money that would serve him well in his later endeavors. After […]
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