According to Reuters, the U.S. economy grew faster in the fourth quarter than previously estimated, boosted by strong consumer spending and business investment in nonresidential structures like factories and health care facilities. Gross domestic product increased at a 3.4% annualized rate, revised upward from the previously reported 3.2% pace. The economy continues to outperform all its global peers.
Consumer spending, which accounts for two thirds of U.S. economic activity, increased at a 3.3% rate, over a previously estimated 3.0% pace, adding 2.2% to GDP growth.
Corporate profits increased $133.5 billion in the fourth quarter. Profits in non-financial corporations increased by $136.5 billion, financials increased profits by $5.9 billion, while corporate profits in the rest of the world decreased by $8.9 billion.
Inflation continues downward from its covid driven high of 9% in June, 2022, now at 3.1% per annum and trending down.
All major U.S. stock markets have gained value for five consecutive months, with the Dow and S&P 500 being at all time record highs. The Dow is approaching the 40,000 level for the first time in history.
It's good to be an American.
Consumer spending, which accounts for two thirds of U.S. economic activity, increased at a 3.3% rate, over a previously estimated 3.0% pace, adding 2.2% to GDP growth.
Corporate profits increased $133.5 billion in the fourth quarter. Profits in non-financial corporations increased by $136.5 billion, financials increased profits by $5.9 billion, while corporate profits in the rest of the world decreased by $8.9 billion.
Inflation continues downward from its covid driven high of 9% in June, 2022, now at 3.1% per annum and trending down.
All major U.S. stock markets have gained value for five consecutive months, with the Dow and S&P 500 being at all time record highs. The Dow is approaching the 40,000 level for the first time in history.
It's good to be an American.
