The fear of a recession was misplaced: the US economy grew by 3.1% in 2023, according to data from the Bureau of Economic Analysis at the US Department of Commerce, published today (Thursday).
Growth slowed down a bit in the last quarter of the year which passed to an annual rate of 3.3%, but in the third quarter it showed growth of 4.9%.
The meaning of the data is that the economy has returned to its strength after the corona epidemic and its effects.
President Biden at a meeting with auto industry workers, yesterday (Wednesday), photo: AFP
The bureau said that the strengthening of the economy followed high spending.
A robust job market and rising wages have allowed many households to increase consumption - especially in the areas of entertainment, tourism and food - despite high inflation.
According to one estimate, the daily spending of Americans is responsible for 80% of economic growth.
The rest was provided by the Biden administration's investment in infrastructure: the administration's efforts in developing new infrastructure and in clean energy projects created new jobs and stimulated private investment of 640 billion dollars.
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