WASHINGTON — The U.S. economy grew at a 3.2% annual rate in the October-December quarter on the strength of the strongest consumer spending in three years, an encouraging sign for 2014.
The fourth-quarter increase followed a 4.1% growth rate in the July-September quarter, when the economy benefited from a buildup in business stockpiles.
For 2013 as a whole, the economy grew a tepid 1.9%, weaker than the 2.8% increase in 2012, the Commerce Department said Thursday. Growth was held back last year by higher taxes and federal spending cuts.
WASHINGTON — A Federal Reserve survey says economic growth increased throughout the United States from April through mid-May, fueled by home construction, consumer spending and steady hiring.
Eleven of the Fed’s banking districts reported “modest to moderate” economic growth, according to the Beige Book survey released Wednesday. The 12th, in Dallas, reported strong growth.