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{"id":3881,"date":"2024-12-19T16:49:11","date_gmt":"2024-12-19T16:49:11","guid":{"rendered":"https:\/\/bluelightnews.com\/category\/politics\/us-economic-growth-beats-expectations-in-final-snapshot-of-biden-presidency\/"},"modified":"2024-12-19T16:49:11","modified_gmt":"2024-12-19T16:49:11","slug":"us-economic-growth-beats-expectations-in-final-snapshot-of-biden-presidency","status":"publish","type":"post","link":"https:\/\/bluelightnews.com\/category\/politics\/us-economic-growth-beats-expectations-in-final-snapshot-of-biden-presidency\/","title":{"rendered":"US economic growth beats expectations in final snapshot of Biden presidency"},"content":{"rendered":"<div>\n<p>High prices may have cost Democrats the election, but the U.S. economy has powered through 2024 with better-than-expected growth. And now President-elect Donald Trump is poised to inherit it.<\/p>\n<p>GDP rose at a 3.1 percent annualized pace in the third quarter of the year, according to Commerce Department data released Thursday, after growing at a 3 percent rate in the second quarter \u2014 a rapid clip for an economy of the U.S.\u2019s size. That growth, fed by steady consumer spending, comes alongside a still-low unemployment rate of 4.2 percent and much-improved inflation, which has fallen below 3 percent.<\/p>\n<p>It\u2019s the final big-picture snapshot of the economy that President Joe Biden is leaving to his successor.<\/p>\n<p>\u201cI feel very good about where the economy is,\u201d Federal Reserve Chair Jerome Powell told reporters Wednesday. \u201cI expect another good year next year.\u201d<\/p>\n<p>Still, the surging economy <a href=\"https:\/\/www.politico.com\/news\/2024\/12\/18\/trump-wall-street-focus-00195036?source=email\" target=\"_blank\">could also make it harder for the Fed<\/a> to get inflation all the way back down to its 2 percent target. The healthy GDP numbers have come alongside strong productivity data \u2014 more economic activity doesn\u2019t have to put upward pressure on prices if the economy can produce enough to keep up \u2014 but also stalled progress on inflation.<\/p>\n<p>Central bank officials projected inflation would remain similarly stubborn next year, though Powell said he still thinks inflation is trending down.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>High prices may have cost Democrats the election, but the U.S. economy has powered through 2024 with better-than-expected growth. And now President-elect Donald Trump is poised to inherit it. GDP rose at a 3.1 percent annualized pace in the third quarter of the year, according to Commerce Department data released Thursday, after growing at a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-3881","post","type-post","status-publish","format-standard","hentry","category-congress"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts\/3881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/comments?post=3881"}],"version-history":[{"count":0,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts\/3881\/revisions"}],"wp:attachment":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/media?parent=3881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/categories?post=3881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/tags?post=3881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}