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US economy continues to shine with help from consumers, labor market

Posted on AllSides March 28th, 2024
From The Center
REUTERS/Vincent Alban/File Photo

The U.S. economy grew faster than previously estimated in the fourth quarter, boosted by strong consumer spending and business investment in nonresidential structures like factories and healthcare facilities.

The report from the Commerce Department on Thursday also showed profits rising at a solid clip last quarter, driven by nonfinancial corporations. Increasing profits, together with rising worker productivity, could encourage companies to retain their employees, and extend the economic expansion.

The economy has shrugged off fearmongering about a recession following 525 basis points worth of interest rate hikes from the Federal...

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