Here is Abha Bhattarai at The Washington Post:
The U.S. economy grew by a bustling 3.1 percent in 2023, shaking off recession fears and offering an upbeat picture of consumers and businesses ahead of a pivotal election year.
Growth slowed slightly in the last three months of 2023 — to an annual rate of 3.3 percent, down from a sweltering 4.9 percent in the previous quarter, the Bureau of Economic Analysis said Thursday. The latest figures show the economy has soundly returned to stable footing following a period of dramatic pandemic-fueled swings that marked 2020 through early 2022.
“The doom and gloom the prevailed last year has been swept aside,” said Philipp Carlsson-Szlezak, global chief economist at Boston Consulting Group. “The pessimism has been punted out, quarter after quarter.”
The economy’s resilience has been driven by vigorous consumer spending. A strong job market and rising wages have made it possible for many households to keep shelling out — particularly on services such as entertainment, travel and dining out — even at a time of elevated inflation.
That spending by everyday Americans accounted for most of the economy’s growth in the fourth quarter. Increased government spending, at the state, local and federal level, as well as higher exports and more private and residential investments also lifted the latest GDP reading, which sums up the goods and service produced in the U.S. economy. Meanwhile, a rise in imports dragged down the latest reading.
Joe Biden’s campaign team needs to stress this:
Government policy played an important role in supporting the economy last year. The Biden administration’s efforts to fund new infrastructure and clean energy projects have created new jobs and spurred $640 billion in private investments around the country…
Read the entire piece here.