Economic growth continues, as latest GDP data shows strong 3.3% pace last quarter
CBS NewsThe nation's economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. Thursday's report from the Commerce Department said the gross domestic product — the economy's total output of goods and services — decelerated from its sizzling 4.9% growth rate the previous quarter. After an extended period of gloom, Americans are starting to feel somewhat better about inflation and the economy — a trend that could sustain consumer spending, fuel economic growth and potentially affect voters' decisions. As the Fed's rate hikes worked their way through the economy, year-over-year inflation slowed from 9.1% in June 2022, the fastest rate in four decades, to 3.4% as of last month.