US Economy Ends 2024 With 2.3% GDP Growth on Consumer Resilience

The US economy expanded at a solid pace at the end of 2024, fueled by a generous tailwind from consumer spending that more than offset drags from a strike at Boeing Co. and much leaner inventory investment.

Inflation-adjusted gross domestic product increased an annualized 2.3% in the fourth quarter after rising 3.1% in the prior three-month period, according to the government’s initial estimate published Thursday. The median forecast in a Bloomberg survey of economists called for a 2.6% growth.

Consumer spending, which comprises the largest share of economic activity, advanced at a 4.2% pace — the first time since ...