WASHINGTON (dpa-AFX) - A report released by the Commerce Department on Thursday showed the U.S. economy grew in line with its preliminary estimate in the fourth quarter of 2024.
The Commerce Department said gross domestic product jumped by 2.3 percent in the fourth quarter, unchanged from the previous estimate. Economists had expected the pace of GDP growth to be unrevised.
The report said upward revisions to government spending and exports were offset by downward revisions to consumer spending and investment.
The fourth quarter GDP growth reflects a notable slowdown compared to the 3.1 percent surge seen in the third quarter of 2024.
The Commerce Department said the deceleration in real GDP in the fourth quarter primarily reflected downturns in investment and exports that were partly offset by an acceleration in consumer spending.
The report also said the jump in consumer prices in the fourth quarter was upwardly revised to 2.4 percent from the previously reported 2.3 percent.
The surge in core consumer prices, which exclude food and energy prices, was also upwardly revised to 2.7 percent from 2.5 percent.
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