US Economy Slows to 2% Growth in Q4 2023, Indicators Point to Cooling

Benzinga 2024-01-25

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The US economy is expected to have grown at a 2% annualized rate in the fourth quarter of 2023, down from 4.9% in the third quarter, according to economists surveyed by Fox Business. Consumer spending remained resilient due to a tight labor market, strong holiday sales, and household balance sheets, but other areas like business investment and housing slowed. While the US economy has proven resilient against Fed rate hikes so far, further cooling is anticipated as higher rates continue working through the system.

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