U.S. economy grew 2.8% in 2024 [Video]

The American economy ended 2024 on a solid note, with consumer spending continuing to drive growth.

The U.S. Commerce Department reported Thursday that gross domestic product — the economy’s output of goods and services — expanded at a 2.3 per cent annual rate from October through December.

For the full year, the U.S. economy grew 2.8 per cent, compared with 2.9 per cent in 2023.

The fourth-quarter growth was a tick below the 2.4 per cent economists had expected, according to a survey of forecasters by the data firm FactSet.

Consumer spending grew at a 4.2 per cent pace, the fastest since January-March 2023 and up from 3.7 per cent in July-September last year. But business investment tumbled, as investment in equipment plunged after two straight …