The fourth quarter figures are down slightly from the 3.2 percent growth rate in the third quarter.
“The economy continued to motor on,” Michael Gapen, PhD, chief U.S. economist for Bank of America, told the Times. “There’s more momentum in the economy at year-end than we thought, and a lot of that is from households.”
In the fourth quarter, consumer spending grew at a 2.1 percent rate. Despite the strong figures, recent tech layoffs still highlight economic uncertainty.
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