U.S. economy grew at a healthy 2.3% pace last quarter, driven by increased consumer spending

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

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

For the full year, the economy grew a healthy 2.8%, compared with 2.9% in 2023.