The Department of Commerce released an update on the U.S. economy last Thursday, indicating higher-than-anticipated growth for 2023's fourth quarter.
According to the report, the Gross Domestic Product (GDP) - a critical measure of economic health - experienced a substantial 3.3% rise in the last segment of the year. This followed a significant surge of 4.9% in the third quarter, debunking economists' predictions of a mere 2.0% increase.
The Department attributed this unexpected vitality in the GDP to multiple factors. These included amplified consumer spending, a rise in exports, enhanced state and local government expenditure, nonresidential fixed investment, increase in federal government expenditure, growth in private inventory investment, and residential fixed investment.
