The U.S. economy continued to grow at a healthy pace at the end of 2023, capping a year in which unemployment remained low, inflation cooled and a widely predicted recession never materialized.
Gross domestic product, adjusted for inflation, grew at a 3.3 percent annual rate in the fourth quarter, the Commerce Department said on Thursday.
That was down from the 4.9 percent rate in the third quarter but easily topped forecasters’ expectations and showed the resilience of the recovery from the pandemic’s economic upheaval.
Instead, growth accelerated: For the full year, measured from the end of 2022 to the end of 2023, G.D.P.
(A different measure, based on average output over the full year, showed annual growth of 2.5 percent in 2023.)
Organizations:
Gross, Commerce Department
Locations:
U.S, G.D.P