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U.S. economic growth decelerated in the fourth quarter, but still grew at a solid rate, powered by an uptick in consumer spending.

WASHINGTON (Reuters) -U.S. economic growth slowed in the fourth quarter as a strike at Boeing contributed to depressing business investment, but robust consumer spending probably keeps the Federal Reserve on a slow interest rate cut path this year. The moderation in growth last quarter reported by the Commerce Department on Thursday was also because inventories at businesses were run down, underscoring the strong domestic demand. There was a surprise drop in imports, despite imports helping to boost the goods trade deficit to a record high in December, which had prompted economists to sharply downgrade their fourth-quarter growth estimates.

(Bloomberg) -- 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.Most Read from BloombergManhattan’s Morning Commute Time Drops With New Congestion TollTrump Paves the Way to Deputize Local Police on ImmigrationHousing Aid Uncertain After Trump’s Spending Freeze MemoTrump's Federal Funding Pause Threatens State Financials How the 2025 Catholi

Another year of robust economic growth is in the books, underscoring how the Biden administration handed President Donald Trump what many consider a solid economy.

A humming American economy ended 2024 on a solid note with consumer spending continuing to drive growth, and ahead of what could be a significant change in direction under a Trump administration. 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. The fourth-quarter growth was a tick below the 2.4% economists had expected, according to a survey of forecasters by the data firm FactSet.

BANGKOK (Reuters) -Thailand's economic growth may falter at under 2.9% this year after a weaker-than-expected fourth quarter despite a vaunted government cash handout aimed at firing up sluggish growth, the central bank chief said on Thursday. The Bank of Thailand previously anticipated that the economy could expand by 2.9% this year, lower than the finance ministry's projection of 3% growth. "I have to say that there is some downside risk to that figure," Governor Sethaput Suthiwartnarueput told Reuters in an interview.

The denim brand shrugged off tariffs thanks to its diverse sourcing, but warned its outlook could sour if inflation and other pressures worsen.