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.

Download Economic Perspective Chartbook
Legal Stuff

The information contained herein is intended to be used for educational purposes only and is not exhaustive. Diversification and/or any strategy that may be discussed does not guarantee against investment losses but are intended to help manage risk and return. If applicable, historical discussions and/or opinions are not predictive of future events. The content is presented in good faith and has been drawn from sources believed to be reliable. The content is not intended to be legal, tax or financial advice. Please consult a legal, tax or financial professional for information specific to your individual situation. Material provided by Concenture Wealth Management.