Recession has struck some of the world’s top economies. The US keeps defying expectations
10 months, 1 week ago

Recession has struck some of the world’s top economies. The US keeps defying expectations

Associated Press  

NEW YORK — As some of the world’s biggest economies stumble into recession, the United States keeps chugging along. Yet in the United States, the economy motored ahead in last year’s fourth quarter for a sixth straight quarter of growth. It’s blown past many predictions coming into last year that a recession seemed inevitable because of high interest rates meant to slow the economy and inflation. About one quarter of the U.S. economy’s solid 2.5% growth in 2023 was made up of government spending. As a result, the Federal Reserve’s rapid rate hikes of the past two years -- which have lifted mortgage rates from around 3% to about 6.7% -- have had little effect on many U.S. homeowners.

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