The U.S. economy grew at a 2.3% annualized rate in the final three months of 2024, the Commerce Department said on Thursday — closing out a year of strong growth. Why it matters: The economy lost some momentum at the end of the year but President Trump still inherits an economy expanding at a healthy clip,

The American economy ended 2024 on a solid note with consumer spending continuing to drive growth. The Commerce Department reported Thursday that gross domestic product — the economy’s output of