US economy grew at a surprisingly strong 3.3% pace last quarter, pointing to continued resilience

The nation’s economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. The gross domestic product decelerated from its sizzling 4.9% growth rate the previous quarter. But the latest figures still reflected the surprising durability of the world’s largest economy, marking the sixth straight quarter in which GDP has grown at an annual pace of 2% or more. For the full year, the economy grew 2.5%, up from 1.9% in 2022. The state of the economy is sure to weigh on people’s minds ahead of the November elections.