ICYMI: President Biden's Economic Plan Fuels Strong Growth in 2023

In the latest sign that President Biden's plan to grow the economy from the middle out and bottom up continues to deliver results for the American people, today brought news that the economy grew by 3.1% last year—defying many forecasters' predictions of a recession and outpacing average growth under the previous Administration.

This strong growth comes at a time when consumer sentiment is surging, core inflation over the last six months has returned to the pre-pandemic benchmark, wages and wealth are higher than they were before the pandemic, the unemployment rate has remained below 4% for the longest stretch in more than 50 years, and our economy has added 14.3 million jobs. While President Biden continues fighting to grow the economy and strengthen the middle class, extreme Republicans in Congress are fighting to secure massive giveaways for the wealthy and big corporations, raise costs for families, and cut Social Security, Medicare, and Medicaid.

Read more coverage below:

Politico: US growth shatters expectations, boosting Biden's economic pitch
[Victoria Guida, 1/25/24]

The U.S. economy is growing faster than expected as inflation falls, and the Biden administration is seizing the moment in a bid to counter one of the fiercest lines of attack by former President Donald Trump.

The Commerce Department reported Thursday that GDP expanded 3.1 percent in 2023, a year that began with heavy odds of a recession and closed out with fourth-quarter growth that blew away projections. The news comes during a week bookended by sales pitches from two top officials, White House economic adviser Lael Brainard and Treasury Secretary Janet Yellen. At the heart of their message: President Joe Biden's strategy to help the middle class is working.

Wall Street Journal: What Recession? Growth Ended Up Accelerating in 2023
[Gabriel T. Rubin, 1/25/24]

The U.S. economy grew 3.1% over the last year, defying projections of a recession as a resilient labor market supported strong consumer spending.

The year was capped by a fourth quarter in which the economy grew at a 3.3% seasonally and inflation-adjusted annualized pace, as household outlays and government spending rose, the Commerce Department said Thursday.

CNN: US economy grew at a shocking pace in the fourth quarter
[Bryan Mena, 1/25/24]

The US economy remained shockingly robust in the fourth quarter to close out a remarkably strong 2023 as consumers and businesses continued to spend, crushing expectations of a recession.

Gross domestic product, a measure of all the services and goods and produced, rose at a seasonally and inflation-adjusted annualized rate of 3.3% from October through December, the Commerce Department reported Thursday.

Axios: U.S. economy booms with 3.3% growth in final quarter of 2023
[Courtney Brown, 1/25/24]

The U.S. economy expanded at a 3.3% annualized pace in the final quarter of 2023, the Commerce Department said on Thursday.

Why it matters: It's much stronger growth than economists expected and caps a year of economic resilience as the nation avoided a projected recession.

CNBC: The U.S. economy grew at blistering 3.3% pace in Q4 while inflation pulled back
[Jeff Cox, 1/25/24]

The economy grew at a much more rapid pace than expected while inflation eased in the final three months of 2023, as the U.S. easily skirted a recession that many forecasters had thought was inevitable, the Commerce Department reported Thursday.

Gross domestic product, a measure of all the goods and services produced, increased at a 3.3% annualized rate in the fourth quarter of 2023, according to data adjusted seasonally and for inflation.

That compared with the Wall Street consensus estimate for a gain of 2% in the final three months of the year. The third quarter grew at a 4.9% pace.

The Hill: Economic growth crushes expectations to close out strong 2023
[Sylvan Lane and Taylor Giorno, 1/25/24]

The U.S. economy grew 2.5 percent in 2023 and closed the year with slower but surprisingly strong growth, despite widespread fears of a recession.

U.S. gross domestic product (GDP) grew at an annualized pace of 3.3 percent during the fourth quarter of 2023, according data released Thursday by the Bureau of Economic Analysis (BEA).

Fourth-quarter growth far exceeded the projections of economists, who expected a 2 percent annualized quarterly gain, according to consensus estimates.

Associated Press: US economy grew at a surprisingly strong 3.3% pace last quarter, pointing to continued resilience
[Paul Wiseman, 1/25/24]

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.

Thursday's report from the Commerce Department said the gross domestic product — the economy's total output of goods and services — 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.

Washington Post: The U.S. economy boomed in 2023, thanks to consumers opening up wallets
[Abha Bhattarai, 1/25/24]

The U.S. economy grew by a bustling 3.1 percent in 2023, shaking off recession fears and offering an upbeat picture of consumers and businesses ahead of a pivotal election year.

GDP grew even faster than many had anticipated in the last three months of the year — by an annual rate of 3.3 percent, according to the Bureau of Economic Analysis — offering fresh evidence that federal policymakers have managed to bring down inflation and secure a "soft landing" without major repercussions for workers or the economy.

New York Times: U.S. Economy Grew at 3.3% Rate in Latest Quarter
[Ben Casselman, 1/25/24]

The U.S. economy continued to grow at a healthy pace at the end of 2023, capping a year in which unemployment remained low, inflation cooled and a widely predicted recession never materialized.

Gross domestic product, adjusted for inflation, grew at a 3.3 percent annual rate in the fourth quarter, the Commerce Department said on Thursday. That was down from the 4.9 percent rate in the third quarter but easily topped forecasters' expectations and showed the resilience of the recovery from the pandemic's economic upheaval.

Bloomberg: US GDP Grew 3.3% Last Quarter, Capping Unexpectedly Strong Year
[Augusta Saraiva, 1/25/24]

The US economy's fourth-quarter growth trounced forecasts as cooling inflation fueled consumer spending, capping a surprisingly strong year that defied recession calls.

Gross domestic product increased at a 3.3% annualized rate, according to the government's preliminary estimate out Thursday. For all of 2023, the economy expanded 2.5%.