According to the US Department of Commerce, the country’s economy expanded by 3.3% in the fourth quarter of 2023. This is perfect news that has encouraged both economists and local authorities.
In the fourth quarter of 2023, the world’s largest economy grew by 3.3% compared to the same period in 2022.
The previous year was really successful for the US economy. During the reporting period, the country’s GDP increased by 2.5%. Experts consider the increase in personal spending to be the main driver of the economic growth seen in the fourth quarter of 2023. In the given period, the indicator climbed by 2.8%. Such a dynamic could be explained by mounting business investments and large-scale cash injections into the construction sector.
Meanwhile, core inflation in the United States rose by 2% at the end of 2023. A similar increase was recorded in the third quarter of 2023. This level corresponds to the target set by the Federal Reserve. During the reporting period, inflation in the services sector (excluding the housing and energy sectors) also advanced by 2.6%, showing the slowest growth since the end of 2020.
Earlier, Bloomberg, citing a study by Gallup analysts, said that in 2023, the damage to the US economy from falling labor productivity amounted to $1.9 trillion. The situation took place because of disgruntled employees, Bloomberg wrote. “The disruption of the past few years reduced satisfaction in the workplace, with more employees saying they don’t clearly know what’s expected of them — a symptom that reduces engagement,” the article reads.
