GDP Growth

The U.S. economy grew by an unexpectedly strong 3.3% in 23Q4, and growth for the year was 3.1%, well above expectations and the dismal 0.7% in 2022. Credit belongs to consumers who were unrelenting in their spending, charging, borrowing, and buying-now-paying-later. The other major growth driver was government spending. As for 2024, government spending will grow very little and consumer spending will likely slow, leading to slower GDP growth.