The U.S. economy expanded throughout 2024, but growth slowed in the last three months of the year as businesses pulled back on investments and exported fewer goods overseas.

U.S. economic growth slowed in the fourth quarter as a strike at Boeing depressed business investment in equipment, but consumer spending increased at its fastest pace in nearly two years, underscoring strong domestic demand that probably keeps the Federal Reserve on a slow interest rate cut path this year.

The U.S. grew at a mild 2.3% annual pace in the final three months of 2024, but the details of the report showed an economy on strong footing as the Biden administration handed off to the Trump White House.

Economic growth in the US slowed at the end of last year, as trade and investment declined and the country was hit by hurricanes and labour strikes. The economy expanded at an annual rate of 2.3% between October and December, down from 3.1% in the three months before, according to the US Commerce Department.

The US economy expanded at a solid clip in 2024, helped by consumer and government spending, official data showed Thursday, signaling its resilience as President Donald Trump takes over the reins. Consumer spending,

The U.S. economy grew at a 2.3% annualized rate in the final three months of 2024, the Commerce Department said on Thursday — closing out a year of strong growth. Why it matters: The economy lost some momentum at the end of the year but President Trump still inherits an economy expanding at a healthy clip,

The American economy ended 2024 on a solid note with consumer spending continuing to drive growth. The Commerce Department reported Thursday that gross domestic product — the economy’s output of