"US Economy Shows Healthy Growth in Fourth Quarter 2023"

The Bureau of Economic Analysis released the "third" estimate of the gross domestic product (GDP) for the fourth quarter of 2023, showing a 3.4 percent increase. This growth was driven by increases in consumer spending, government spending, exports, and nonresidential fixed investment, partially offset by a decrease in private inventory investment. Real GDP for the year 2023 increased by 2.5 percent. Additionally, real gross domestic income (GDI) and corporate profits saw increases in the fourth quarter of 2023. The report also includes estimates of GDP by industry, showing increases in private goods-producing industries, private services-producing industries, and government.