Workers’ product classifications of Amazon Performance Center in Robinsville, New Jersey, New Jersey, USA during the Internet on Monday, November 27, 2023.
Mike Fresh | Reuters
The Ministry of Commerce reported on Thursday that in the last three months of 2024, the US economic growth was faster than expected.
GDP is a measure of all commodities and services in the huge economy of the entire US economy, which shows that the fourth quarter has accelerated at an annualization of 2.3 %. The Economist investigated by Dow Jones is expected to increase by 2.5 % after the third quarter.
The report ended in 2024 with some despicable notes, although the growth was quite solid. In the whole year, GDP accelerated 2.8 %, compared with 2.9 % in 2023. The release on Thursday was the first of the three estimates provided by the Department of Economic Analysis.
The growth is largely, with the support of consumers, and they continue to spend a high burden on everything in supermarkets. Although the inflation rate has caused boiling from the height of 40 years in the mid -2022, it is still a burden on the family, especially the low -end income table.
Consumer expenditure increased at a rate of 4.2 %, and as usual, it accounted for about two -thirds of all activities. Government expenditure also provides 3.2 % improvement to accelerate.
Trade dragged down the growth of this period, and the import volume minus 0.8 % from the GDP calculation. The exports also dropped by 0.8 %. The total investment of private domestic investment fell 5.6 %, cutting a maximum percentage point of more than a maximum percentage point.
In other economic news on Thursday, the initial unemployment claim for the first week as of January 25 was 207,000, a sharp decrease of 16,000 from the previous period, far lower than the forecast of 228,000. The continuous claims behind the week also decreased by 42,000 to 1.86 million.
The toughness of the US economy and the relative deceleration of inflation have taken the Fed’s position on monetary policy. Although the Federal Reserve reduced its key interest rates by one percentage point in the last four months of 2024, officials said that active reduction this year is unlikely.
At the recently -ended Federal Reserve Conference, the Central Bank did not show any signs that they would soon be reduced, and Jerome Powell insisted that he would not rush to relax.
Fed officials have always paid attention to whether the inflation rate is stagnant. The report on Thursday shows that the so -called chain weighted price index, the index measures the price and account, and uses consumers to replace items with lower products. Quick, but slightly lower than 2.3 %.
However, data also shows that consumers are saving to fund their purchases. The personal savings rate was 4.1 %, and the minimum level of the previous quarter in two years fell by 0.2 percentage points.
This is a sudden news. Please refresh the updateEssence
