Thu, 30 Jan 2025

US economic growth slows despite consumers spending more

The world's largest economy missed forecasts after expanding at 2.3% between October and December.
Growth was affected by trade decline, investment drop, hurricanes, and labour strikes. Consumer spending, which accounts for the largest portion of US economy, rose by 4.2%, driven mainly by increase in purchases of goods like cars. Economists point out that this growth might be temporary due to potential price increases from tariffs.
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