"Record High Corporate Profits Drive US Economy to 3.4% Growth in Fourth Quarter"
TL;DR Summary
In the fourth quarter of 2023, the U.S. economy saw a 3.4 percent increase in GDP and a record high of $2.8 trillion in corporate profits, surpassing expectations. Inflation, as measured by the core PCE price index, fell to 2 percent. Market commentators welcomed the news, citing the resilience of the U.S. economy. Additionally, gross domestic income (GDI) surged by 4.8 percent, marking the first time since 2022 that GDI has overtaken GDP growth.
- Corporate profits hit record high as economy boomed in fourth quarter of 2023 The Hill
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- US economy continues to shine with help from consumers, labor market Reuters
- Live news: US fourth-quarter GDP growth revised up to 3.4% Financial Times
- Final fourth quarter GDP revised upwards as consumer spending rises Fox Business
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